• ASX snaps five-day winning streak
  • CSL rose on dip buying after being sold off earlier in the day
  • Fletcher Building denies claims its products are defective


The ASX 200 snapped its five-day winning streak after closing -0.5% lower on Friday. For the week, the index was still up around 1.5%.

The Real Estate sector led the selloff, while gains were made in Healthcare and Utilities.

CSL (ASX:CSL) rallied by +1.7% on dip buying after earlier slumping by over -2%.

CSL shares, along with Resmed (ASX:RMD), have been under pressure since Thursday after Danish drugmaker Novo Nordisk said  its diabetes and weight-loss drug, Ozempic, could delay the progression of chronic kidney disease.

This news has impacted CSL share price as the company’s Swiss subsidiary Vifor is involved in kidney diseases drugs.

ResMed’s business is also under increasing pressure from short-sellers who believe Ozempic could reduce demand for its sleep apnoea products. RBC has downgraded Resmed from ‘outperform’ to ‘perform’.

Elsewhere, traders happily pushed the sell button on rate-sensitive stocks today, such as real estate and discretionary, following higher-than-expected US inflation data overnight.

The Aussie dollar also crashed by over -1.5% to US63.25c at the time of writing as traders anticipate US rates to remain ‘higher for longer’.

Looking ahead next week, a slew of important economic updates will be released including US and mainland China’s retail sales and industrial production figures.



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Perpetual Ltd (ASX:PPT) released its Q1 business update today.

Highlights include: Total assets under management (AUM) of $211.7 billion at September 30, compared to $212.1 billion in the June quarter. Net inflows were $0.1 billion and favourable currency movements were $3.3 billion, which together offset most of the impact of lower investment markets ($3.8 billion) through the quarter.

Fletcher Building (ASX:FBU) traded flat after denying claims by BCG that plumbing failures at a number of its homes in Perth were due to Fletcher’s equipment.

Fletcher said evidence clearly points to installation as causation, and that testing to date proves no manufacturing defect. The announcement provides a detailed rebuttal, backed by multiple Australian laboratories and international scientific experts, according to FBU.



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Harvey Norman (ASX:HVN) fell after trading ex-dividend today.