ASX Closes Mixed: Scentre Weighs, Assets Move

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Post on Nov 07, 2024

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ASX Closes Mixed: Scentre Weighs, Assets Move

The Australian stock market closed mixed on Wednesday, with the S&P/ASX 200 index finishing slightly lower after a choppy session. The index fell 0.2% to 7,331.8 points, pulled down by a weak performance from the property sector.

Scentre Group Drags Down the Market

The biggest drag on the market was Scentre Group, the owner of Westfield shopping centers. The company’s shares plummeted by more than 5% after it announced a decline in earnings. This news sent ripples through the sector, with other property stocks also taking a hit. It's a tough time for the retail sector, folks, as people are getting increasingly comfy with online shopping.

Assets on the Move

Despite the mixed performance, there were bright spots in the market. Gold miners continued their rally, with Newcrest Mining and Northern Star Resources both gaining more than 2%. This gold rush is driven by the safe haven appeal of gold during times of economic uncertainty.

The energy sector also performed well, with Woodside Energy and Santos both gaining over 1%. The price of oil is on the rise, and that's good news for our energy companies.

What's Next for the ASX?

The Australian market is likely to remain volatile in the coming weeks. The global economic outlook remains uncertain, and investors are on edge. Keep an eye on interest rate hikes and inflation, as they'll have a big impact on the stock market's direction.

In the meantime, let's see if those shopping malls can figure out a way to attract more customers, or if online shopping continues its reign. The future of retail, folks, is up for grabs!