Market Wrap / Monday meltdown

The local share market started the week on the wrong foot, with most sectors recording losses. The S&P/ASX 200 finished the session higher by 0.02% to 8423 points.

Mining stocks led the declines as iron ore prices remained under pressure due to slowing demand from Chinese steelmakers. BHP fell 0.3% while Fortescue was down 1.2%.

The financial sector shed 0.1% ahead of the RBA’s December decision on monetary policy. The central bank is tipped to keep rates steady at its final meeting of 2024. ANZ Group fell 4% after announcing a new CEO, replacing Shayne Elliott who is retiring. Nuno Matos, the current CEO of Wealth and Personal Banking at HSBC, will takeover the top job from July next year.

The energy sector gained a mere 0.1% after a sharp fall in oil prices on Friday, caused by concerns over demand.

The healthcare sector was relatively flat. Sonic Healthcare edged up marginally after announcing it’s acquiring a German firm for close to $700 million.

Platinum Asset Management plummeted after Regal ended buyout discussions without reaching a new deal.

 Superloop gained 1.8% after announcing it will purchase Uecomm from Optus for $17.5 million, adding 2,000 kilometers of fibre across Sydney, Melbourne, Brisbane, and the Gold Coast.

And shares in Woolworths gained 1.1% after the supermarket giant reached a deal with union workers following a near-three week strike which it says cost the retailer $140 million in lost sales and higher costs.