Closing Bell 7th November: Johns Lyng Group bounces as hurricane repairs build up. ACCC gives approval for Chemist Warehouse takeover

What's Affecting Markets Today

Asia-Pacific markets showed mixed performance on Thursday following former President Donald Trump’s projected victory in the 2024 U.S. presidential election, defeating Vice President Kamala Harris. NBC News forecasts Trump will secure at least 291 Electoral College votes, including key battleground states such as Pennsylvania, North Carolina, and Georgia.

Japan’s Nikkei 225 reversed earlier gains, closing down 0.25%, while the broader Topix index rose 0.95%. The Japanese yen weakened to an intraday low of 154.7 against the U.S. dollar but slightly recovered to 154.41.

South Korea’s Kospi fell 0.19%, with the smaller Kosdaq index down 1.45%. In Hong Kong, the Hang Seng index initially dipped but ended the session up 0.9%, while mainland China’s CSI 300 gained 0.5%.

Earlier in the week, Chinese stocks fell on the uncertainty surrounding Trump’s victory. Meanwhile, in China, the National People’s Congress standing committee reviewed a plan to increase local government debt, as authorities face financial strain due to declining revenue from land sales.

ASX Stocks

ASX 200 - 8,202.7 (+0.1%)

Key Highlights:

Australian shares fell on Thursday, led by a 2% drop in the real estate sector, as concerns about U.S. President-elect Donald Trump’s tariff policies and inflationary measures overshadowed Wall Street’s post-election rally. The S&P/ASX 200 lost 0.5%, or 38.2 points, to 8161.3, after a 0.8% gain the previous day. The decline was driven by weakness in rate-sensitive sectors, with major banks and mining stocks under pressure. Real estate stocks like Goodman Group and Stockland fell over 3%, while big banks, including National Australia Bank (-3%) and Westpac (-3.4%), posted losses following profit reports.

Mining shares also suffered amid fears Trump’s tariffs could dampen Chinese demand for commodities, while gold miners were hit by a 5% overnight decline in gold prices.

On a positive note, Sigma Healthcare surged 23% after gaining regulatory approval for its merger with Chemist Warehouse. Other gainers included Steadfast (+1.6%) and NIB (+1.4%). In contrast, Zip lost 1% despite reporting strong earnings growth.

Leaders

SIG Sigma Healthcare Ltd (+23.39%)
NEU Neuren Pharmaceuticals Ltd (+6.26%)
BSL Bluescope Steel Ltd (+5.84%)
CCP Credit Corp Group Ltd (+5.36%)
GQG GQG Partners Inc (+5.19%)

Laggards

CYL Catalyst Metals Ltd (-15.59%)
SPR Spartan Resources Ltd (-14.83%)
DRO Droneshield Ltd (-9.42%)
RSG Resolute Mining Ltd (-8.39%)
VAU Vault Minerals Ltd (-8.00%)

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