Market Index - Monday Evening Wrap
The S&P/ASX 200 closed 62.3 points lower, down 0.80%.
Ever since the 80's, the general consensus has been that Mondays suck.
Sir Bob said he doesn't like them, New Order called them blue, and Madonna, manic.
The last three starts to the week for the ASX have been terrible (one was a Tuesday because of a public holiday, but please don't let this get in the way of my rant!).
Today, 62.3 points of last week's hard earned gains were wiped off the benchmark, and when you see the intraday chart, you'll see it was done without putting up a hint of a fight.
Energy and Resources were at it again, leading sector losses, as the share prices of uranium and lithium stocks continued to dissolve - the latter on a complete capitulation in a key lithium futures contract.
But there were few areas of the market that
didn't concede defeat today. There were some cracking stock specific goings on, however, with big gains for retailers Myer Group (MYR) and Premier Investments (PMV) on news of a potential tie up of several of their respective major brands.
Contrast this against a massive fall for luxury goods retailer Cettire (CTT) after it confessed to a big drop in FY24 profits, and a not-as-big-but-still-nasty drop in Resmed (RMD) after positive results on obesity drugs in the US.
Let's dive in!
The ASX 200 dipped as uranium, lithium, gold stocks suffered further losses. News that Myer and Premier Investments might tie-up their apparel brands sent both soaring, while Cettire and Resmed plunged on bad news for each.