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ASX closes 0.1% lower amid concerns over upcoming GDP figures

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2024-03-04

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The ASX declined in its first session of the week, with the S&P/ASX 200 closing 0.1% lower amid concerns over upcoming GDP figures, particularly after a larger-than-expected decline in inventories, while real estate stocks rose 1.3% and gold stocks rallied on increased gold prices. Additionally, corporate news included Downer EDI's defence against a shareholder class action, Genex Power's significant surge, and Lake Resources' staff reduction plans, with Cettire's founder selling a stake causing shares to drop 6%.

Futures

The Dow Jones futures are pointing to a fall of 60 points.

The S&P 500 futures are pointing to a fall of 5 points.

The Nasdaq futures are pointing to a rise of 12.5 points.

The SPI futures are down 12 points.

Best and worst performers

The best-performing sector was REITs, up 1.45 per cent. The worst-performing sector was Health Care, down 0.78 per cent.

The best-performing large cap was Northern Star Resources (ASX:NST), closing 6.03 per cent higher at $13.72. It was followed by shares in Mercury NZ (ASX:MCY) and Evolution Mining (ASX:EVN).

The worst-performing large cap was Pro Medicus (ASX:PME), closing 3.56 per cent lower at $99.71. It was followed by shares in Fortescue (ASX:FMG) and Viva Energy Group (ASX:VEA).

Asian markets

Japan's Nikkei has gained 0.44 per cent.

Hong Kong's Hang Seng has lost 0.08 per cent.

China's Shanghai Composite has gained 1.14 per cent.

Commodities and the dollar

Gold is trading at US$2,089.40 an ounce.

Iron ore is 1.5 per cent lower at US$115.40 a tonne.

Iron ore futures are pointing to a 2 per cent fall.

Light crude is trading $0.10 lower at US$79.87 a barrel.

One Australian dollar is buying 65.20 US cents.

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