AU Morning Wrap | ASX Flat, MinRes Up on $1.1 Billion Rinehart Deal

On Mischief Night, the eve of Halloween in the U.S., the market took investors on a rollercoaster ride. Initially showing an upward trajectory, it ended the session in negative territory, with earnings reports triggering some unsettling price fluctuations. By the close at 4 pm ET, the $S&P 500 Index (.SPX.US)$ had slipped 0.33%, the $Dow Jones Industrial Average (.DJI.US)$ had declined 0.22%, and the $Nasdaq Composite Index (.IXIC.US)$ had dropped 0.56%.

At the start of trading, Australian shares remained steady amidst a wave of annual general meetings and earnings announcements influencing the market. The $S&P/ASX 200 (.XJO.AU)$ held firm at 8173 points, down 0.09%. The utilities sector faced the most significant challenges, with AGL experiencing a drop of over 5 percent. In contrast, consumer discretionary stocks showed upward momentum, spearheaded by JB Hi-Fi. The shares rose by 3.8 percent, driven by robust sales growth in the third quarter, particularly marked by a substantial increase in its New Zealand division.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $72,346, down 0.24% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,660, up 1.01% in the past 24 hours.

Barrenjoey has downgraded $AGL Energy Ltd (AGL.AU)$ to underweight and cut its future earnings estimates due to the expiry of cheap coal and gas supply contracts, causing shares to drop by 6%.

$Mineral Resources Ltd (MIN.AU)$' shares surged 15% to $41.29 after agreeing to a $1.1 billion deal to sell its oil and gas assets to Hancock Prospecting. The company will soon release findings from an investigation into its managing director's tax affairs.

$Coles Group Ltd (COL.AU)$' sales remained steady at $17.71, with a 2.9% increase in September quarter sales to $10.55 billion. The supermarket announced plans for an $880 million automated distribution centre in Victoria.

$Origin Energy Ltd (ORG.AU)$'s liquid natural gas revenue rose in the September quarter despite lower production, with shares remaining steady.

$29Metals Ltd (29M.AU)$' major shareholder, EMR, is seeking a buyer for its approximately 45% stake, potentially leading to a full company deal before a capital raising.

$Bowen Coking Coal Ltd (BCB.AU)$ is confident in securing $60 million through an ongoing raise, with shares currently suspended.

$Catapult Group International Ltd (CAT.AU)$ has secured a new multi-year agreement with Rugby Football Union, Premiership Rugby, and Premiership Women's Rugby, with terms undisclosed.

$Wesfarmers Ltd (WES.AU)$' trading update at the AGM highlighted resilient sales growth in Bunnings and strength in Kmart Group, while Officeworks' sales benefited from higher technology demand despite challenging business conditions.