The Australian share market closed broadly flat on Tuesday, with both the S&P/ASX200 (ASX: XJO) and All Ordinaries (INDEXASX: XAO) falling 5 and 9 points, respectively. The primary culprit was a weakening utilities sector which fell 1.2% behind a 2.9% selloff in Origin Energy Ltd (ASX: ORG).
Origin Energy Ltd (ASX: ORG) share price
The weakness came despite news that the NSW Government was in talks to extend the life of the Eraring coal-fired power station which is currently expected to close in 2025 and add further uncertainty to the energy market.
The Qantas Airways Limited (ASX: QAN) share price all but ceased their recent selloff after CEO Alan Joyce brought forward his planned retirement in light of a number of public relations and regulatory disasters.
Qantas Airways Limited (ASX: QAN) share price
Across the market, the property sector was also under pressure, falling 0.5% after the RBA kept rates on hold but hinted that more rises may lie ahead.
Qantas (ASX:QAN) share price in focus as CEO Alan Joyce to step down this week
Torque surges 140%: Chalice sinks on downgrade
Small cap gold miner Torque Metals Ltd (ASX: TOR) was the standout on another wise quite day, with shares leading 170% after the explorer flagged expanded gold and lithium deposits.
It was the opposite story for gold miner Chalice Mining Ltd (ASX: CHN) with losses mounting and the share price dropping another 13% on the back of a downgrade by a major stockbroking firm.
Chalice Mining Ltd (ASX: CHN)
The Orora Ltd (ASX: ORA) share price remained in a trading halt after confirming its intention to fund the purchase of French bottle marker Saverglass via a capital raising of $1.345 billion. The $2.2 billion price will be paid to private equity giant Carlyle Group Inc (NASDAQ: CG).
Finally, the regulator (ASIC) has launched legal action against Westpac Banking Corp (ASX: WBC) on concerns that they may not have acted in the appropriate period after receiving hardship requests from borrowers.
Downbeat economic data hits market
Weakening economic data and further oil production cuts were behind a negative day for global markets.
News that Saudi Arabia was joining Russia in cutting oil production is likely to impact growth, as consumer face higher costs for fuel and diesel.
The result was a 0.6% fall in the Dow Jones, 0.4% on the S&P500 (INDEXSP: .INX) and 0.1 from the Nasdaq. This was combined with US factory orders falling for the first time in four months, suggesting business is slowing investment decisions. While the Chinese services sector expanded in August but at the slowest pace in eight months as the post pandemic recovery slows.
In company specific news, both Blackstone Inc (NYSE: BX) and Airbnb Inc (NASDAQ: ABNB) gained more than 3.5% after receiving confirmation they would be joining the S&P500 index and thus form part of hundreds of ETFs.
