Market Wrap / one month low

Despite a positive start, it was another day of selling for the local market, taking its weekly loss to over 3%.The S&P/AX 200 closed lower by 0.3% to 8,296.2 points in a week which saw an RBA rate cut, more than 140 ASX-listed companies reporter earnings and further tariff threats.

Banks weighed negatively with CBA extending losses, down 2.6%.

The miners benefited from an uptick in iron ore price, with BHP recouping previous losses and gaining 2.8%. And a set of gold miners were reporting today, with Newmont guiding for an increased gold production of 5.9 million ounces. Newmont shares fell 2.4%.

One of today’s clear winnerswas Domain, with its share price skyrocketing 40% after confirming US online real estate firm CoStar has offered to buy the property classifieds firm in a deal valuing it at $2.65 billion. Domain’s owner Nine Entertainment also soared by 20.1% while competitor REA receded 11.4%. 

Among other companies reporting, Guzman y Gomez said it expects to exceed its full-year profit forecast in 2025 because of progress made in the first half of the financial year. Investors took some profit amid the outlook for its US business, sending shares down 14.3%.

Tonight in the US, PMI data is scheduled along with existing home sales and consumer sentiment.

Next week is the final week of February reporting season with more than 170 companies issuing results including Woodside, Woolworths and Medibank Private.