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Year-End Market Drama: ASX Falls While Adbri, Link, Tabcorp Soar

Year-End Market Drama ASX Falls While Adbri, Link, Tabcorp Soar
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As per the recent Australian stock market news, the ASX continued its decline as central bank officials tempered interest rate cut expectations. The S&P/ASX 200 fell 0.3% to 7419.1 near 2:30 pm AEDT, with eight of 11 sectors in the red, and the All Ordinaries dropped 0.3%. Modest falls followed a subdued Wall Street close, with investor enthusiasm tempered by New York Federal Reserve President John Williams deeming interest rate cuts “premature” for the moment.

The Year-end picture of the Stock Markets in Australia

In the stock markets in Australia, various corporate activities drove significant movements.

  • A notable development was the $2.1 billion bid for cement maker Adbri by Ireland’s CRH and the Barro family, causing Adbri’s shares to surge by 31% to $2.98.
  • Link Administration received a $1.2 billion takeover offer from Mitsubishi UFJ Trust and Banking Corporation, resulting in a 27% increase in Link’s shares to $2.16.
  • Tabcorp secured a 20-year license renewal for Victorian betting, leading to a 23% rise in its shares to $0.905.
  • However, Stockland’s acquisition of housing estates from Lendlease caused both companies to incur losses, with Stockland dropping by 6% to $4.35 and Lendlease declining by 1.2% to $7.42.
  • Overall, the ASX 200 index closed with a 2%, or 16.3 points, decrease at 7,426.4 points, with notable gains in Neuren Pharmaceuticals, Tabcorp Holdings, and others, while PEXA Group and Stockland Corporation experienced significant declines.
Name of the CompanyPercentage Increase of the Stock Price Current Stock Price (AUD)
Neuren Pharmaceuticals+29.5%22.20
Tabcorp Holdings+23.1%0.905
Core Lithium+6.6%0.325
Boss Energy+3.7%4.17
Lovisa Holdings+3.5%23.80

Table 1: Companies that recently witnessed a notable increase in their stock prices, along with the respective percentages

Name of the CompanyPercentage Decrease in the Stock PriceCurrent Stock Price (AUD)
PEXA Group-4.2%12.12
Stockland Corporation-3.6%4.35
NRW Holdings-3.3%2.90
Healius-3.3%1.46
Weebit Nano-3.1%4.44

Table 2: Companies that recently witnessed a decrease in their stock prices, along with the respective percentages

Wrapping Up!

The Australian Securities Exchange (ASX) has navigated through fluctuations in recent months, reflecting global economic uncertainties. The latest decline covered in Australian ASX markets business live news, influenced by central bank officials tempering interest rate cut expectations, emphasises the delicate balance in the market. Investors remain cautious amid evolving economic conditions and the nuanced interplay of global factors.

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