Market Wrap / mining losses

The S&P/ASX200 registered its first day of losses this week, down 0.6% to 8378.70 points during Thursday's trade. 

Lower commodity prices impacted the miners, with BHP losing 1.7% while Fortescue was down 2.2%, despite the company reaffirming its shipments and capital expenditure guidance. Evolution Mining shares fell 3.9% after Citi downgraded the stock to neutral. However, Regis Resources gained ground as it appears on track to meet its production guidance, and with lower costs. 

On a negative day, the consumer space also dragged the market down, with discretionaries down 1.7%. 

However, Myer bucked the trend and gained 6.1% as its shareholders, along with Premier Investments’, overwhelmingly backed their merger. Under the deal, Myer will buy retail chains Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E and issue shares to Premier shareholders. Retail billionaire Solomon Lew will now hold about 27% of the bigger Myer Group. Premier Investments’ shares fell 0.7%.

The financial sector stayed flat, with CBA rising marginally by 0.1% 

Meanwhile, the Insignia Financial saga keeps unfolding. Bain has offered to acquire all shares for $4.60 each. This new bid matches CC Capital's latest offer. Insignia shares rose 2%. 

Internationally, US markets will look at a new set of companies reporting overnight, while President Trump is due to address the Davos Economic Forum. 

In the APAC region, the BOJ will hand down its policy decision on Friday.