Market Wrap / tech tumble

The local sharemarket sold off again during Wednesday's session. The S&P/ASX 200 fell 0.5% to 8353.60.

Nine of 11 sectors were lower today, with the A-REIT and consumer discretionary the only sectors recording gains, rising 0.9% and 0.1% respectively. The biggest laggards were the technology and industrial sectors, down 1.4% and 1% respectively.

South32 shares tracked significantly lower after the miner said that the escalating civil unrest in Mozambique would have an impact on the transport of raw materials to its production facility. Pilbara Minerals fell 0.9% with Bell Potter upgrading the lithium producer to a ‘buy’.Sigma Healthcare shares were unchanged today after the company said the documentation required by shareholders for voting on the proposed merger with Chemist Warehouse will be released this calendar year, meaning Chemist Warehouse could be hitting the ASX as early as February. 

Star Entertainment Group returned to the green after what has been a tumultuous year for the gambling empire, jumping 8.3% today. 

Shares in Domino’s Pizza fell 2.3% after Citi downgraded the food retailer to neutral from a buy, trimming the company's price target by 11% to $33.25. Citi cited that Domino’s continued weakness in France has been disappointing, further noting that there has only been 16 stores openings in FY25 in contrast to 72 closures. 

Elsewhere, ASIC has announced it is suing regional airline REX and four of its directors for allegedly engaging in misleading and deceptive conduct. Rex shares were suspended in July when the airline went into voluntary liquidation.

Tonight, all eyes are on the US inflation data which will be a key factor in the Fed’s December policy meeting. Ahead tomorrow - November jobs data is due. RBA Assistant Governor Brad Jones is set to speak, while the June quarter population data will also be released.