AU Morning Wrap: ASX Falls as Fortescue's Executive Exodus Weighs
G'day, mooers! Check out the latest news on today's stock market!
• US stock market's August losses snap monthslong winning streak
• ASX falls as Fortescue's executive exodus weighs
• Stocks to watch: Fortescue Metals, Santos, PointsBet
- Moomoo News AU
![AU Morning Wrap: ASX Falls as Fortescue's Executive Exodus Weighs](https://ussnsimg.moomoo.com/feed_image/151000101/efe441ea1efa3dcd8d6d2bdaeacbd184.webp/bigmoojpg)
Wall Street Summary
A late-August rally lost some sizzle Thursday, sapping major stock indexes of momentum as they enter a month that is traditionally their weakest of the year.
Despite a similarly broad rebound over the previous four trading sessions, major indexes were mixed Thursday. The $Dow Jones Industrial Average (.DJI.US)$ opened in the green but gave up those gains in the afternoon en route to a 0.5% decline of about 168 points. The $S&P 500 Index (.SPX.US)$ dipped 0.2% lower, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ climbed 0.1%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ eased 0.5 per cent in early trade after a mixed session on Wall Street where the S&P 500 ended down and the Nasdaq up. US inflation data matched forecasts, underscoring expectations the Federal Reserve will pause its monetary tightening.
Miners and utilities led losses with $Fortescue Ltd (FMG.AU)$ among the worst hit following the departure of Guy Debelle from Fortescue Future Industries, in the third high-profile exit in a week.
Energy company $Santos Ltd (STO.AU)$ rallied 1.8 per cent after finalising the delayed sale of a 5 per cent stake in its PNG liquiefied natural gas (LNG) project to Papua New Guina's national oil company Kumul Petroleum in a $US1.4 billion deal.
Wagering operator $Pointsbet Holdings Ltd (PBH.AU)$ jumped 7 per cent following the $US175 millions sale of its American business to sports betting and merchandise company Fanatic in a $US225 million deal. Pointsbet will return $315.4 million in capital on Monday.
Financial technology stock $Link Administration Holdings Ltd (LNK.AU)$ fell 2.1 per cent. It completed the sale of its banking and credit management unit.
Stocks to Watch
$Santos Ltd (STO.AU)$: Santos agreed to sell a 2.6 per cent stake of PNG LNG to Papua New Guinea’s national oil company Kumul Petroleum Holdings for a total purchase consideration comprising cash of $US576 million and the assumption of around $US160 million of project finance debt.
The deal gives Kumul a call option to buy a further 2.4 per cent stake for $US524 million plus a proportionate share of project finance debt. The call must be exercised by June 30 2024. Including debt, the total offer amounts to $US1.4 billion.
$Pointsbet Holdings Ltd (PBH.AU)$: Wagering operator PointsBet received the first payment of $US175 million for the sale of its American business to sports betting and merchandise company Fanatic in a $US225 million deal.
Pointsbet will return $458 million in capital to shareholders with the first tranche of $315.4 million due on September 4.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment