AU Morning Wrap: Miners Drag ASX Lower, RBA Decision Pending

The $S&P 500 Index (.SPX.US)$ fell 0.3 per cent to kick off the week, and the $Dow Jones Industrial Average (.DJI.US)$ was 0.7 per cent lower after both closed at records on Friday. The $Nasdaq Composite Index (.IXIC.US)$ dropped 0.2 per cent.

The benchmark $S&P/ASX 200 (.XJO.AU)$ fell 0.6 per cent, or 44 points to 7581.9 at the opening bell, weighed down by sharp losses in mining and real estate stocks. The Australian dollar fell 0.5 per cent to US64.78¢.

The materials sector was the worst performer, down over 1 per cent. Mining giants $BHP Group Ltd (BHP.AU)$ dropped 1.4 per cent and $Fortescue Metals Group Ltd Sponsored ADR (FSUGY.US)$ slid 2.6 per cent.

$Nick Scali Ltd (NCK.AU)$: Furniture retailer Nick Scali jumped 12.4 per cent after the company topped its first half profit guidance, posting a 29 per cent fall to $42 million in the first half on the 2024 fiscal year. Sales fell 20.2 per cent to $226.6 million in the six months ended December 31, the company said in a statement to the ASX.

$Myer Holdings Ltd (MYR.AU)$: Myer surged 12 per cent following a positive trading update. It expects net profit to be between $49 million and $53 million for the half year, according to the retailer’s latest trading update. The department store said the expected guidance included the impacts of store closures and inflationary cost pressures. Total group inventory is projected to be lower than the same time last year.

$Magellan Financial Group Ltd (MFG.AU)$: Magellan Financial Group declined 0.9 per cent even as it recorded a boost to its funds under management in January at $36.3 billion. The latest figure is up from its December FUM of $35.8 billion. The money manager recorded net outflows of $0.4 billion in January.

$West African Resources Ltd (WAF.AU)$: Gold producer West African Resources plunged over 12 per cent after it said it expects higher all-in sustaining costs for this year at $US1300 per ounce. The miner also lowered its