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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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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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