• Local shares down -0.3pc on Friday, up over 2pc this week
  • Energy stocks jump after stimulus measures announced in China
  • More executive departures at Fortescue


The ASX finished down -0.3% on Friday, but still up over 2% for the week.

Energy was the best sector by a long shot today, up almost 2% after China announced stimulus measures to prop up its ailing economy.

China adjusted its mortgage policy by cutting mortgage rates and down payments on home purchases, while also cutting deposit rates in a move to bolster the economy. 

China’s central bank, the PBOC, also announced today that it would cut the foreign exchange reserve requirement ratio by 200 basis points in order to stem the pace of Yuan selloff.

Oil and coal prices rose in Asia after the announcements, pushing share prices of Yancoal (ASX:YAN), Whitehaven (ASX:WHC) and Woodside Energy (ASX:WDS) higher.

Elsewhere, JP Morgan said that more than US$1bn in transactions linked to Jeffrey Epstein were found after his death.

“JPMorgan was a full service bank for Jeffrey Epstein’s sex trafficking,” said Mimi Liu, an attorney for the US Virgin Islands.

Looking ahead, a big week of events is scheduled next week.

According to Commsec, the Melbourne Institute inflation gauge is due out on Monday, and the RBA board meeting will be on Tuesday. GDP numbers meanwhile will be released on Wednesday, and the RBA governor’s speech is slated for Thursday.



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Santos (ASX:STO) rose 2% after agreeing to an initial sale of 2.6% of PNG LNG to Kumul, and an option for Kumul to acquire a further 2.4%. The deal comprises cash of $576 million and the assumption of around $160 million of project finance debt.

Mining services company NRW Holdings (ASX:NRW) rose after advising that its subsidiary Primero Group and Wärtsilä Australia have agreed a confidential out-of-court settlement of the civil proceedings related to the Barker Inlet Power Station.

Whilst the detailed terms of the settlement are confidential, Primero is required to make a payment to Wärtsilä of $25m, which will be reflected in NRW’s FY24 statutory earnings.



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Fortescue Metals (ASX:FMG) suffered another executive departure today as Christine Morris stepped down from her role as CFO, just days after CEO Fiona Hick walked.

Also leaving the company today was former RBA deputy governor Guy Debelle, who resigned from his role at Fortescue Future Industries (FFI). The FMC share price tumbled by almost 5%.

Now read: Ground Breakers: Some late, breaking dividends for FY23 and a week from hell for Andrew Forrest

Eagers Automotive (ASX:APE) has provided the following response to yesterday’s Federal Court decision in the class action brought by automotive dealers against Mercedes-Benz Australia:

“Eagers Automotive continues to operate as a Mercedes-Benz agent, as it has since 1 January 2022. The court decision does not have any impact on Eagers Automotive’s operations or performance. The decision does not change the numerous dealer and agent arrangements currently in place across our extensive OEM portfolio.”