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-- 222.130 AU Evening Wrap: Australia Shares Fall 1.4%; Copper Price Tops $10,000
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ ended down 1.4% at 7575.9, with broad-based losses dragging the benchmark down in the final session of the week. The ASX 200 ended the holiday-shortened week 0.1% higher.
All 12 sectors ended the day in the red, with industrials leading the losses, falling 2.2%. Fund manager Magellan was the poorest performer, falling 5.1%. Fellow money managers $Platinum Capital Ltd (PMC.AU)$ and $Perpetual Equity Investment Co Ltd (PIC.AU)$ dropped 5.3% and 2.2%, respectively, while $GQG Partners Inc (GQG.AU)$ gained 0.8%.
The materials sector fell 1.4%. $BHP Group Ltd (BHP.AU)$, which closed 4.6% lower, was a drag, with copper miner Anglo American rejecting the mining giant's takeover offer in the afternoon.
The major banks fell between 1.4% and 1.9% as uncertainty over the timing of interest-rate cuts continues.
Top News
Anglo American Rejects Bid From BHP Group
Anglo American, a UK-based mining company, has declined $BHP Group Ltd (BHP.AU)$'s $60 billion acquisition proposal. In a statement to the London Stock Exchange, the board has reviewed the offer with its advisors and found it undervalues the company and its future potential.
In addition, the proposal contemplates a structure which the board believes is highly unattractive for Anglo American's shareholders, given the uncertainty and complexity inherent in the proposal, and significant execution risks.
Copper Price Surges Past $10,000 Mark for the First Time in Two Years
Copper prices have surged above $10,000 per tonne for the first time in two years, driven by strong global demand and limited supplies. The price of copper reached a high of just over $10,028 per tonne during early morning trading on the London Metal Exchange, surpassing the key level for the first time since April 2022.
Source: Dow Jones Newswires, AFR, ASX
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