The benchmark ASX200 index zend the session down 0.24% today after investors were disappointed with the latest retail sales figure.
The Industrials (-0.93%) and Consumer Staples (-0.81%) sectors were the worst performers, while Utilities gained 0.7%.
Retail sales fail to meet expectations
The Australian Bureau of Statistics reported that Australian retail sales remained resilient, with turnover rising 0.8% in November, although this can in below expectations of a 1.0% gain.
The November 0.8% retail turnover figure follows growth of 0.5% in October and 0.4% in September.
ABS head of business statistics Robert Ewing said, “Black Friday sales events proved once again to be a big hit, with widespread discounting and higher spending across all retail industries.
“The popularity of Black Friday sales continues to grow with promotional activity now stretching across the entire month of November, not just solely focused on the Black Friday weekend.”
If consumer spending remains resilient into 2025, the RBA may push back rate cuts.
Star Entertainment sinks
The Star Entertainment Group Ltd has reported a steep decline in cash reserves, compounding its ongoing regulatory and operational challenges. The group revealed available cash of $79 million as of December 31, 2024, a decline of $70 million, or 46%, from the previous quarter's balance of $149 million.
The drop includes the impact of drawing down the first tranche of a new $200 million debt facility, while Star attributed its cash burn to difficult trading conditions, essential capital expenditure and regulatory fines.
Shares of the troubled casino operator fell to a record low and closed down more than 33% on the news.
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