Proactive’s Tylah Tully gives a market wrap for the 9th of September.
The ASX closed 0.32% lower, losing 25.3 points to finish at 7,988.1. This marks a 1.28% decline over the past five days and leaves the index 1.97% below its 52-week high.
Globally, concerns about China's economic growth were highlighted, as the country struggles to meet its 5% annual growth target. eToro market analyst Josh Gilbert noted that while China's CPI data rose 0.6% year-over-year, it still points to insufficient household spending. Additionally, iron ore prices dropped below $90 per ton due to reduced demand in the region.
The top performer on the ASX was ARB Corporation, which surged 6.27% to $42.35 per share. The rise followed the announcement of a conditional agreement to acquire the 4 Wheel Parts business from Hoonigan for approximately $30 million USD. On the other hand, Super Retail Group fell 7.35% to $16.89, and NIB Holdings declined by 6.32% to $5.63 per share.
Sector-wise, six of the eleven sectors finished higher, with Real Estate leading the gains, up 0.87%. The worst performer was Consumer Discretionary, down 0.82%.