AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide
• Top gainers: $Contact Energy Ltd(CEN.AU$, $Premier Investments Ltd(PMV.AU$, $AMP Ltd(AMP.AU$
• Top losers: $Cettire Ltd(CTT.AU$, $ResMed Inc(RMD.AU$, $Boss Energy Ltd(BOE.AU$
• Top losers: $Cettire Ltd(CTT.AU$, $ResMed Inc(RMD.AU$, $Boss Energy Ltd(BOE.AU$
Market Performance
The $S&P/ASX 200(.XJO.AU$ in Australia closed 0.8% lower at 7733.7, driven by a slump in mining stocks.
The materials sector, in particular, fell by 1.1% due to a decline in commodity prices, resulting in a 6.7% retreat so far this month. $BHP Group Ltd(BHP.AU$, $Rio Tinto Ltd(RIO.AU$, and $Fortescue Ltd(FMG.AU$, the three major iron-ore miners, experienced losses ranging from 0.8% to 2.1%. This marks the sixth consecutive weekly decline for the materials sector. Only the industrials sector saw gains. Meanwhile, banks such as $Westpac Banking Corp(WBC.AU$, $CommBank(CBA.AU$, $National Australia Bank Ltd(NAB.AU$, and $ANZ Group Holdings Ltd(ANZ.AU$ lost between 0.3% and 1.0%. Investors are anticipating the release of May inflation data midweek, which could potentially influence the expected movement of interest rates.
![Source: ASX](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240624/fe491f7ddc5a433499825330513ddf26.jpg?area=102&is_public=true)
![AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240624/407f475f2ace47b4b185f1bb123fc87f.jpg?area=102&is_public=true)
![AU Evening Wrap: Australian Shares Dropped 0.8% as Mining Stocks Continue Slide](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240624/b1a20cdc535748f3b45749593db72e8d.jpg?area=102&is_public=true)
Top News
ResMed shares fall following Eli Lilly drug trial results
Shares in ResMed, a supplier of breathing technology, have taken a hit following the announcement by drug-maker Eli Lilly that its tirzepatide weight-loss drug reduced the severity of sleep apnea in 43% of patients in late-stage trials. When combined with positive airway pressure therapy, which is administered by ResMed machines, the number rose to 51.5%.
Premier Investments Considers Myer's Proposal for Apparel Business Exchange
Australian retail giant $Premier Investments Ltd(PMV.AU$ is currently evaluating a proposal from $Myer Holdings Ltd(MYR.AU$, which involves exchanging Premier's apparel business for shares and a position on Myer's board. The proposed combination would merge the 124-year-old department store operator with Premier's apparel business, which encompasses 717 stores across Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti brands.
Source: Dow Jones Newswires, AFR, ASX
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muhamad Hazairudin s : Muhammad Hazairudin Shadan
151685330 : buying the dip, can see gains in next 2 weeks into July.