Nick Scali shares crumble after founder sells stake. Picture Getty
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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.
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.
Swipe or scroll to reveal the full table. Click headings to sort.
| 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 |
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.
Swipe or scroll to reveal the full table. Click headings to sort.
| 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 |
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.
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