Star Entertainment Group dropped 6.9 per cent a day after it was hit with $15 million in fines by the NSW casino regulator and had its licence suspension extended until early 2025.
Loading
BHP (down 2.2 per cent), Rio Tinto (down 0.9 per cent) and Fortescue (down 1.9 per cent) all fell after iron ore prices shed more than 4 per cent overnight.
Harvey Norman fell 1.8 per cent after losing a case against the Australian Securities and Investments Commission for misleading advertisements.
ASIC said the ads, which ran from January 2020 to August 2021, promoted “no deposit” and “interest free” payments across 60 months but that they did not disclose that these benefits could be had only if they applied for a credit card with Latitude, and that they didn’t disclose establishment fees and monthly account service fees that amounted to at least $537. Latitude Group’s share price was unchanged.
The lowdown
RBC Capital Markets analyst Wei-Weng Chen noted the slew of recent downgrades from travel companies, as shares in Flight Centre Travel Group plunged.
“Following from a string of downgrades from peers Corporate Travel Management and Web Travel Group, Flight Centre Travel Group appear to have delivered an FY25 downgrade too,” Chen said.
Chen said the details provided by the company were incomplete, but the Flight Centre’s update appeared to suggest a large downgrade to market consensus expectations.
Loading
“Financial year 2025 guidance will be provided at the AGM on 14th November. We expect that the range could be quite large with investors likely focusing on what the low end/worst case could be,” Chen said.
Overnight, the S&P 500 finished virtually unchanged after flirting with its all-time high for much of the day. The Dow Jones added 161 points, or 0.4 per cent, to its own record set the day before, and the Nasdaq composite was close to flat.
Nvidia and other companies in the chip industry were some of the market’s strongest after global heavyweight Taiwan Semiconductor Manufacturing Co reported bigger profit for the latest quarter than analysts expected. TSMC credited strong demand related to smartphones and artificial intelligence, and its stock that trades in the United States jumped 9.8 per cent.
Tweet of the day
Quote of the day
“The advertisement’s statement of the payment method was presented as a complete statement. In truth, it was far from complete.”
That was Federal Court Justice David Yates, who ruled in favour of ASIC in a case alleging misleading conduct by Latitude Group and Harvey Norman. ASIC launched the case over advertising for a 60-month interest free and no deposit payment method.
You may have missed
If using the term “Google it” has become your commonplace answer to tell someone to search it up, then David Swan’s introspective look at the internet with no Google could probe some verbal habits.