Market Close 08 Aug 24: Markets remain cautious

Aussie stocks saw a slight decline on Thursday, leaving the market on track for a significant weekly drop despite a calmer trading environment compared to Monday's sharp fall. Energy and mining sectors struggled, particularly with materials experiencing their fifth consecutive session of losses due to weak demand from China, pushing the sector to its lowest levels since November 2022. Notably, West African gold miners were hit hard following news of a new mining code. In company updates, Qantas shares fell over 2% as former CEO Alan Joyce faced a $9 million cut from his final pay while AMP emerged as the best performer of the day. As the week wraps up, attention turns to upcoming earnings reports from major Australian companies and inflation data from China. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.