Magellan soared, but Domain took a heavy fall as the ASX remained flat during the day.
At time of writing, the S&P/ASX200 was up just 5.90 points to 7,151.90. The index has lost 2.56% for the last five days, but has gained 1.61% over the last year to date.
Magellan Financial Group Ltd (ASX:MFG) and Abacus Property Group (ASX:ABP) Ltd topped the index up 17.17% and 10.42% respectively.
Shares of Magellan rose after the company's released its full year report, with the international equities’ manager to pay a final dividend of 39.8¢ and declaring a special dividend of 30¢ to take full-year dividends to $1.167.
Abacus Property Group’s latest full-year report confirmed it will pay a full-year distribution of 18.4¢ per security.
Abacus spun off its Storage King self-storage REIT at the start of August.
Looking at the sectors, Real Estate and Utilities led the way up 1.30% and 1.21% respectively at time of writing. Communication Services was the worst performed, falling 1.80%.
The best performing sectors for the week include Healthcare and Energy, both just in the green followed by Real Estate, which is just in the red for the week. The worst performing sectors include Materials down over 5% followed Financials down over 3% and Industrials down over 2%.
Carsales.com Ltd was the best performing stock in the ASX top 100, up over 13% followed by Cochlear Ltd up over 7% and ARB Corporation Ltd up over 4%. The worst performing stocks include Pilbara Minerals Ltd (ASX:PLS) which lost over 11%, Evolution Mining Ltd (ASX:EVN), The Star Entertainment Group Ltd and Allkem Ltd (ASX:AKE, OTC:OROCF, TSX:AKE), all down over 9%.
What's next for the Australian stock market?
Wealth Within co-founder and chief analyst gives his insight into what to expect in the local market in coming weeks.
“The Australian stock market is currently down over 2.5% for the week and is looking like it will fall further. This year has been a constant battle between the bulls and bears because just when we thought one would be more dominant, everything switches. Right now, the All Ordinaries Index is currently up just under 2% for the year, which is very disappointing considering we have experienced three periods this year where the market has risen around 7% over multiple weeks.
“The market has also had three periods where it has fallen, one of which we are currently experiencing. We are 32 weeks into the calendar year and in that time the All Ordinaries Index has closed higher than it opened for the week 15 times, while it has closed lower than it opened 17 times. This is why I continue to say that the market is lacking confidence, which leads to unpredictability and why we need to be cautious.
“In last week’s report, I mentioned that it would not be surprising if the All Ordinaries Index fell away for a few weeks, and to be prepared in the event it did. Of course, this week’s performance has validated my concerns. Right now, the market could fall for another one or two weeks before it turns to rise again. That said, as we continue to experience, anything is possible in the current market conditions, so it’s wise to expect further falls.”
Five at five
Helix Resources advances regional exploration strategy backed by robust MRE: Independent Investment Research
Helix Resources Ltd (ASX:HLX) has taken significant strides forward in its exploration strategy banking on a robust updated mineral resource estimate (MRE) for the Canbelego Copper Deposit, standing at 1.83 million tonnes, containing 1.74% copper, as highlighted in the research report by Independent Investment Research.
Read more: Watch
Toubani Resources completes Kobada resource revision ahead of DFS update
Toubani Resources Inc (ASX:TRE, OTC:AGGFF) has revised the mineral resource estimate (MRE) for the Kobada Gold Project in southern Mali, as part of a definitive feasibility study (DFS) to further the company's ambitions to develop West Africa’s next major gold mine.
Read more
Imugene raises $35 million in strongly supported placement; launches $30 million SPP
Biotechnology firm, Imugene Ltd has received firm commitments to raise $35 million through a share placement, garnering keen interest from both Australian and international investors, including several specialising in biotech ventures.
Read more
Galena Mining extends Abra’s high-grade lead-silver beyond resource
Nearly two weeks after delivering a mineral resource update for its Abra Base Metals Mine in the Gascoyne region of Western Australia, Galena Mining Ltd has fielded further high-grade lead and silver results from recently completed drilling.
Read more
Piedmont Lithium (NASDAQ:PLL) (ASX:PLL, NASDAQ:PLL, XETRA:) to acquire 22.5% stake in Atlantic Lithium’s flagship project
As part of a staged investment agreement to earn a 50% equity interest in Atlantic Lithium’s Ghanaian lithium portfolio, Piedmont Lithium Ltd will increase its stake in Atlantic Lithium’s Ewoyaa Lithium Project.
Read more
On your six
The tax guide to Contracts for Differences
Mark Chapman, Director of Tax Communications at H&R Block (NYSE:HRB) takes an in-depth look at how CFDs are taxed.
Read more
The one to watch
Aldoro Resources confirms nickel discovery at Narndee
Aldoro Resources Ltd (ASX:ARN) technical director Mark Mitchell speaks with Proactive after receiving more encouraging preliminary results at the Narndee nickel and platinum-group-elements (PGE) project in Western Australia, this time from its third diamond drill hole.
Watch