Australian Shares Flat; Eagers Automotive to Acquire 65% Stake in Automotive Retailer Holding Company

Published on 10/01/2025 at 03:01 am EDT
MT Newswires -Australian shares were flat with a negative bias at Wednesday's close, as the US President's Office instructed government agencies to execute plans for a shutdown.
The S&P/ASX 200 was little changed to close at 8,844.8.
The shutdown is expected to create uncertainty for the US economy and may delay important reports that could decide the direction of interest rate cuts, Bloomberg reported.
"Things could get ugly if the shutdown creates an information vacuum for jobs and inflation data ahead of the next Fed rate decision," said Michael Bailey at FBB Capital Partners.
On the domestic front, the Australian Industry Index fell by 2.4 points in September to a negative 16, as declining activity, soft demand, and rising import competition continued to weigh on the sector, Ai Group said in a report.
Australia's manufacturing sector continued to expand in September, but at a slower pace, as falling new orders and rising cost pressures weighed on production and business confidence, according to a survey by S&P Global.
Australia's central bank kept the cash rate steady at 3.6% in a cautious move, suggesting that a rate cut in November is far from certain, but the rate-cutting phase is not over, Westpac Bankingsaid.
In company news, Eagers Automotive agreed to acquire a 65% equity interest in the holding company of CanadaOne Auto for AU$1 billion, according to a Wednesday filing with the Australian bourse.
Shares of BHP Group fell nearly 3% at market close after China Mineral Resources Group, the state-run iron ore buyer, instructed major steelmakers and traders in the world's largest importer to temporarily halt purchases of all new dollar-denominated cargoes from BHP.
Lastly, Bravura Solutionshas lowered its fiscal year 2026 revenue guidance to be in the range of AU$265 million to AU$275 million, down from its previous guidance of AU$313 million. Shares of the company rose past 18% at market close.

Sumber : MT Newswires