the COB: December dip

The Australian sharemarket failed to turn things around to start December following its worst performance in seven months throughout November. The S&P/ASX200 concluded the day down 0.6% at 8,565.20 points. 

 

Starting the day with a technical outage, the ASX only fueled investor angst as price sensitive announcements were paused on the platform. 

 

Troubles continued to persist for consumer staples giant Metcash as it missed earnings expectations, being forced to halt trading after being unable to release its presentation. Returning to the market late this afternoon, the supermarket supplier plummeted 9.5%. 

 

Elsewhere in the sector, a2 Milk shed 2.8%, along with Bega Cheese, down 0.7%. 

 

Although it was the healthcare sector that led losses in the mixed day of trade as heavyweight CSL slipped 1.9%. Sigma Healthcare and Resmed also paced losses, dropping 1.6% and 4.9% respectively. The sector finished the day down 1.7%.

 

Regardless, it was AUB Group that managed to steal the headlines, tumbling 17.7% as it ceased takeover talks with EQT and CVC. 

 

It wasn’t all negative though, with Greatland Resources climbing 10.1% as its Haviron gold mining project was proved feasible. 

 

And the newest entrant to the ASX, Cochlear-backed Epiminder finished the day at $1.31, after raising $125 million in its IPO, at $1.50 a share.

 

Overnight, markets prepare for US Fed chair Jerome Powell to speak - although no commentary on monetary policy is expected.