1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The S&P/ASX 200 opened the new financial year lower, down 0.64% to 8,722.90 points on Wednesday.
A rebound in commodity prices supported miners like BHP, but it was not enough to offset weakness in the consumer space and banks. The Commonwealth Bank fell 2.4% over the session.
REITs were also under pressure amid weaker house prices and lower building approvals.
In consumer staples, Coles took a 6% hit after the ACCC blocked its planned acquisition of a shopping site in Kalgoorlie. At the same time, the AFR reported the supermarket group could acquire pet-care business Greencross for around $4 billion.
On the upside, fund managers were stronger. Magellan gained 11% after completing its merger with Barrenjoey, while Perpetual surged 16.9% before being placed into a trading halt on takeover talks.
South32 also surged 10.2% after agreeing to sell its aluminium value chain assets to Alcoa in a deal worth up to US$5.6 billion, as it shifts focus further toward copper.
Overnight, attention turns to the ECB Forum on Central Banking, where central bank chiefs from Canada, the EU, the UK and the US are speaking.
