The S&P/ASX 200 (ASX: XJO) couldn’t overcome weaker sentiment on Thursday, initially trading higher but ultimately falling 0.3% and breaking the 2% gains in recent days.
Only two sectors posted positive returns, being utilities and healthcare, which gained 0.4% and 0.2%, respectively, with the rest falling into negative territory.
The worst was the energy sector, down 1.1% as both Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO) dropped more than 1% despite the PNG Government finally approving their proposed merger.
Elsewhere, jobs growth appears to be slowing, with a gain of just 0.2% in the last fortnight, a significant fall from the 1.5% in the prior two week period.
ASX BNPL shares feeling the heat
The ASX buy now pay later sector took another hit, with the Treasurer suggesting the terms that restrict retailers from passing on the cost of BNPL payment processing may be removed.
The smallest player, Laybuy Holdings Ltd (ASX: LBY) was the hardest hit, falling 11.4% with Zip Co Ltd (ASX: Z1P) also down 4.2%.
Magellan hits two-year low
Magellan Financial Group Ltd (ASX: MFG) simply cannot find a bottom with the company hitting a two-year low as traders exit the company following news of the CEO’s exit and CIO’s recent separation.
Magellan shares fell 4.9% despite the performance of the underlying funds continuing to improve.
Magellan share price chart
ANZ sued
The regulators had a busy day on Thursday with a swathe of positive and negative announcements.
The first was news that ANZ Banking Group (ASX: ANZ) was being sued for $25 million for failing to properly pay customers under the terms of its mortgage packages over the last decade and even post the Royal Commission.
Sydney Airport deal approved
Sydney Airport Holdings Pty Ltd (ASX: SYD) looks set to be taken over, with the ACCC approving the sale to a consortium of private equity and pension funds.
Seven West Media gets Prime
Seven West Media Ltd (ASX: SWM) shares fell 3.9% as the ACCC approved its deal to acquire Prime Media, with the regulator looking beyond the oligopolistic nature of the sector towards the competition coming from digital avenues in waving through the deal.
Cleanaway gets the green light
Rubbish collection and recycling group Cleanaway Waste Management Ltd (ASX: CWY) had its Plan B approved by the ACCC, with the acquisition of two rubbish dumps and five transfer stations in NSW for $510 million receiving approval.
Meanwhile, Origin Energy Ltd (ASX: ORG) gained 0.4%, outperforming the energy sector, as ConocoPhillips used its pre-emptive rights to take up the 10% share in the APLNG asset that was set to be sold.
ASX 200 today
Looking ahead, the ASX 200 is expected to edge lower when the market opens this morning. This comes following a negative lead from US markets, with the Nasdaq index falling 1.7%. To find out more, check out my US stock market report.