Share in Nine Entertainment, publisher of this masthead, finished 1.1 per cent higher after the company’s chief executive Mike Sneesby announced up to 200 job cuts.

The laggards

On the downside, Pilbara Minerals shares shed 5.8 per cent, Arcadium Lithium dipped 4.8 per cent and Charter Hall Group sank 4.4 per cent.

The mining sector continued its recent losses to end 1 per cent lower. Rio Tinto shares fell 2.1 per cent, Fortescue was down 1.2 per cent and BHP dipped 1.1 per cent. The consumer staples sector also lost 0.5 per cent.

Gourmet food company Maggie Beer issued a trading update that flagged lower gross margins and second half earnings that sent its share price down 4.6 per cent.

Adore Beauty shares closed 5.9 per cent lower in a signal that investors failed to welcome its acquisition of spa and beauty brand iKOU for $25 million.

The lowdown

AMP chief economist Shane Oliver said global equity markets, including the ASX, are “at risk of another correction”.

“The risk of another rate hike in Australia before cuts commence will likely see the Australian sharemarket remain a relative underperformer. July is often a solid month seasonally, but August and September are seasonally weak months,” Oliver wrote in a research note to clients. “That said, despite the risk of another correction, we continue to see further gains in shares this year as disinflation continues, more central banks join in cutting rates and as recession is avoided or proves mild.”

Overnight on Wall Street, markets were little changed as traders looked ahead to a key report on inflation that could influence the US Federal Reserve’s next move on interest rates.

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The S&P 500 Index eked out a 0.1 per cent gain and is hovering near its record high set last week. The Nasdaq Composite Index rose 0.3 per cent and remains just below its high. The Dow Jones Industrial Average edged up 0.1 per cent.

Gains in retailers and communications services companies helped outweigh losses in consumer goods makers, financial stocks and elsewhere in the market.

Amazon.com shares rose 2.2 per cent and Meta Platforms added 1.3 per cent.

Treasury yields fell in the bond market. The yield on the 10-year Treasury fell to 4.28 per cent, from 4.33 per cent late Wednesday. The yield on the two-year Treasury fell to 4.71 per cent, from 4.75 per cent.

Tweet of the day

Quote of the day

“We will be focused on finding efficiencies where we can, and making prudent decisions so we can continue to invest in growth areas that are driving subs. We are looking at reducing the publishing division headcount by between 70 and 90 staff over coming months.” Nine’s publishing boss, Tory Maguire, on figuring out a plan to reduce staff costs..

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Pub operators and investors are rolling back into the sector, with close to $100 million in sales completed in the past few weeks. Buyers are taking advantage of pub patrons keen to socialise, watch sport and have a meal at their local watering hole. Investor interest is being spurred by the possibility of stage 3 tax cuts revitalising household budgets.

With AP

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