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ASX 200: Companies to watch on Monday

Published 24/06/2024, 11:03 am
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Investing.com - The Australian Stock Exchange fell 0.3% by 11:10 am AEST (11:10 am GMT) as Healthcare stocks led declines with a decrease of 1.5%.

This was largely driven by a significant 12.7% drop in shares of sleep apnoea manufacturer Resmed Inc (ASX:RMD), following the release of a weight loss drug that could potentially increase competition in the market.

Additionally, Cochlear Ltd (ASX:COH) saw a 0.4% decrease and CSL Ltd (ASX:CSL) slipped by 0.5%.

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The upcoming release of Australia's monthly consumer price index on Wednesday is expected to show an acceleration in the annual inflation rate, predicted to rise from 3.6% in April to 3.8% in May.

Cettire Ltd (ASX:CTT), an online luxury retailer, saw its shares plunge by over 39.4% as the company reported a downturn in the online luxury industry affecting its fourth-quarter trading.

Department store Myer Holdings Ltd (ASX:MYR) experienced a 17.1% surge following the announcement of potential merger talks with Premier Investment's apparel business, which includes brands such as Just Jeans and Jay Jays. Consequently, Premier Investments (ASX:PMV) jumped 4.1%.

Metcash Ltd (ASX:MTS), the parent company of IGA, saw a 4% drop in shares after it reported an 8.2% slump in underlying profit after tax, amounting to $282.3 million, according to their financial results for the year 2024. However, the retailer's group revenue saw a slight increase of 0.7%, reaching $15.9 billion.

Star Entertainment Group Ltd (ASX:SGR) announced the departure of its interim chief executive and chairman, David Foster, from the board. The company's chief financial officer, Neale O'Connell, will assume the chief executive responsibilities in the interim. The casino operator also issued a profit warning, resulting in a 7.1% drop.

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