Australian benchmarks were pushed lower by weakness in both the oil and iron ore price overnight.
A delay to OPEC’s impending meeting send Brent crude lower, on concerns that expected production cuts may not come to fruition; both Woodside Energy Group Ltd (ASX: WDS) and Santos Ltd (ASX: STO) fell by 1.7%.
It was a similar story for the materials sector, which fell 1.4% as Chinese iron ore prices slipped once again, pushing BHP Group Ltd (ASX: BHP) down 1.4%.
But all eyes were on Origin Energy Ltd (ASX:ORG) after a last minute, lower bid, shocked the market, sending Origin into a trading halt. The bidders have split their offer, into the two separate businesses, while also allowing institutional investors to remain holders of Origin.
Origin share price
This offer comes at a lower price of $9.20, with shares falling 1.1% on concerns the deal may not proceed due to Australian Super’s blocking stake.
Nick Scali falls on director sales: Economy continues to slow
Shares in furniture retailer Nick Scali Limited (ASX: NCK) fell by close to 7% after the company announced that CEO Anthony Scali had sold around $50 million worth of shares overnight.
Nick Scali share price
It was a positive day for embattled wealth manager AMP Ltd (ASX: AMP) after the company topped the ASX200, gaining 5.9%.
AMP share price
The positivity stemmed from an announcement that the class action by AMP licensed financial planners had settled for much less than expected, being $100 million. The case related the breaking of contracts to buy back aligned advice firms post the Royal Commission.
Signs of a weakening economy continued to grow, with the Judo PMI data showing a continued slowdown in manufacturing in Australia, falling to 46.4 in November, the lowest since pandemic-era lockdowns.
US markets closed for Thanksgiving Day