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S&P/ASX 200 (INDEXASX:XJO) sinks on oil: Origin (ASX:ORG) vote delayed

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%.

Seven of the other eleven sectors fell, which pushed both the S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (INDEXASX: XAO) down 0.6% on the day.

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

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Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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