• Another down day on the ASX as miners, energy stocks slump
  • RBA governor warns of ‘homegrown inflation’
  • Nick Scali shares crumble after founder sells stake


The ASX pulled back another -0.5% on Thursday after a slump in the Mining and Energy sectors.

Lithium, gold and iron ore miners were sold off as RBA’s governor Michelle Bullock warned of a ‘homegrown’ inflation challenge.

Speaking at the Australian Business Economists dinner last night, Bullock said the RBA will use its “blunt tool” of interest rates to dent inflation for the collective welfare of Australians.

Read more: RBA boss Michele ‘Blunt Tool’ Bullock shows she’s a hawk of a different feather in terrifying Sydney inflation speech

Energy stocks, meanwhile, capitulated to tumbling oil prices after the OPEC+ meeting, which had been scheduled for the weekend (November 26th), was postponed to November 30th, adding to production cut uncertainties.

Brent crude sank to as low as $US81 a barrel after a volatile session last night that saw crude prices swing by more than US$4.

On the data front, Judo Bank has released a November PMI reading this morning of 46.4, a decline from 47.6 in October and also a 27-month low. The PMI, or Purchasing Managers Index, is a measure of the prevailing direction of economic trends in manufacturing.

Across the region, Asian stocks were range-bound. But Chinese property stocks got a boost after news that Beijing included distressed builder Country Garden in the list of builders eligible for financial support from the government.

Japan market was closed today and US markets will be closed tonight for Thanksgiving public holiday.



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Code Name Price % Change Volume Market Cap
AMP AMP Limited 0.90 6.18 46,560,775 $2,338,167,106
360 Life360 Inc. 7.61 3.54 613,048 $1,489,611,829
TUA Tuas Limited 2.36 3.06 24,257 $1,064,758,219
PXA Pexagroup 11.94 2.93 178,273 $2,057,266,647
MAD Mader Group Limited 6.65 2.78 31,693 $1,294,000,000
WEB Webjet Limited 6.85 2.70 1,961,521 $2,574,500,967
DOW Downer EDI Limited 4.24 2.66 856,056 $2,773,599,294
HSN Hansen Technologies 5.40 2.47 190,571 $1,070,881,855
ASK Abacus Storage King 1.08 2.38 175,268 $1,379,808,110
LNW Light & Wonder Inc. 134.78 2.35 23,242 $2,046,937,738
IRE IRESS Limited 5.93 2.33 558,548 $1,081,511,054
LOV Lovisa Holdings Ltd 18.76 2.12 415,936 $2,015,053,778
SDR Siteminder 4.79 1.91 309,894 $1,292,810,698
AD8 Audinate Group Ltd 14.99 1.90 212,342 $1,222,530,978
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AMP (ASX:AMP) was up 6% today after agreeing to a $100 million settlement in a class action claim that challenged the validity of changes made by AMPFP to its Buyer of Last Resort (BOLR) policy in August 2019. The settlement however is contingent upon approval by the Federal Court of Australia.



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Code Name Price % Change Volume Market Cap
NIC Nickel Industries 0.73 -4.87 5,342,842 $3,300,073,608
AKE Allkem Limited 8.52 -4.05 2,230,410 $5,677,173,082
SGR The Star Ent Grp 0.51 -3.81 16,511,904 $1,506,057,460
AGL AGL Energy Limited. 9.86 -3.62 3,020,356 $6,882,204,194
HVN Harvey Norman 3.60 -3.36 2,134,634 $4,635,144,753
S32 South32 Limited 3.14 -3.24 7,668,134 $14,674,797,760
AWC Alumina Limited 0.69 -3.15 5,622,646 $2,074,702,213
WC8 Wildcat Resources 0.84 -2.89 8,185,924 $1,033,591,060
LTR Liontown Resources 1.41 -2.77 6,083,949 $3,477,260,730
RRL Regis Resources 1.77 -2.61 1,815,635 $1,374,716,631
PRU Perseus Mining Ltd 1.77 -2.48 1,590,087 $2,493,018,580
NST Northern Star 11.60 -2.44 1,692,949 $13,664,239,069
CMW Cromwell Prop 0.41 -2.41 1,466,840 $1,086,829,680
FMG Fortescue Metals Grp 24.83 -2.40 2,991,627 $78,328,867,514
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Nick Scali (ASX:NCK) was the worst performing large cap today, down as much as 9% after revealing that Managing Director and CEO Anthony Scali has sold 4.6 million shares in the company by way of a fully underwritten block trade.

Following the sale, Anthony Scali, via his family investment company Scali Consolidated, will retain around 6.4 million ordinary shares in the company, and remain its largest shareholder with ownership of 7.95% of shares on issue.

NCK said the shares disposal is to diversify the Scali family’s assets.