The Australian share market has fallen in early trade, after losses on Wall Street on Friday.
Key points:
- The Australian share market has followed Wall Street’s losses posted on Friday, with consumer, industrial and tech stocks falling
- Local stock The Star Entertainment Group fell the most as it responded to negative media coverage
- Energy stocks, however, bucked the trend, rising strongly
By 10:30am AEDT, the ASX 200 was 0.7 per cent lower, at 7,272.8 points.
The worst-performing stock on the benchmark index was casino operator The Star Entertainment Group.
Its shares dropped 19.6 per cent after it responded to media reports, which it described as “misleading”.
Allegations published in Nine’s The Age and Sydney Morning Herald describe “suspected money laundering, organised crime, large-scale fraud and foreign interference” enabled by The Star.
In a statement to the stock exchange, The Star said it “was concerned by a number of assertions within the media reports that it considers misleading”.
“There are constraints on publicly discussing specific individuals. We will take the appropriate steps to address all allegations with relevant state and federal regulators and authorities,” the company said.
The Star Sydney casino is currently being reviewed by the New South Wales Independent Liquor and Gaming Authority.
ASX follows Wall St lower as US jobs growth slows
Most sectors of the local share market were losing ground early in the session, led by consumer, industrial and tech stocks.
However, the energy sector was on the rise as oil prices continued to climb.
Last week, the price of US crude topped $US80 a barrel for the first time since 2014.
On Monday, Brent crude was 0.5 per cent higher, at $US82.79 a barrel.
Shares in Ampol were up 3.8 per cent, after securing a $1.9 billion deal to buy New Zealand petrol station operator Z Energy.
Z Energy shares hit an 18-month high in New Zeland trade after its board recommended the deal to shareholders.
The Australian dollar was buying just below 73 US cents.
Last week, the local share market snapped its four-week losing streak, while the major US indices also made weekly gains, despite falls on Friday.
US shares fell after the monthly non-farm payrolls report showed job creation in America had slowed to a nine-month low in September.
However, some analysts say that it is unlikely to change the US central bank’s trajectory for easing back pandemic stimulus measures.
