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Tech stocks tip the market into negative territory

The Australian market ended the day lower with Tech leading the way down. 

In company news, Premier Investments (ASX:PMV) Chairman Solomon Lew flagged that the spin-off of star brands is well under way, with a demerger of the children’s stationery china Smiggle due by the end of January 2025. Lew also said that the company is continuing to explore a demerger of sleepwear label Peter Alexander at the same time. Premier shares are trading 4.3 per cent at $31.98 per share.

Seven Group (ASX:SVW) has responded to the independent review that recommended Boral (ASX:BLD) shareholders reject its takeover offer. Boral shares are 1.5 per cent lower at $6.06 and Seven shares were 4 per cent lower at 39.63.

At the closing bell, the S&P/ASX 200 was 0.41 per cent lower at 7,780.20.

Futures

The Dow Jones futures are pointing to a rise of 35 points.
The S&P 500 futures are pointing to a rise of 7.75 points.
The Nasdaq futures are pointing to a rise of 32.75 points.
The SPI futures are down 27 points.

Best and worst performers

The best-performing sector was Energy, up 0.50 per cent. The worst-performing sector was Information Technology, down 1.55 per cent.

The best-performing large cap was Orica (ASX:ORI), closing 2.03 per cent higher at $18.07. It was followed by shares in Viva Energy Group (ASX:VEA) and Infratil (ASX:IFT).

The worst-performing large cap was Atlas Arteria (ASX:ALX), closing 5.06 per cent lower at $5.07. It was followed by shares in Seven Group Holdings (ASX:SVW) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan’s Nikkei has gained 0.03 per cent.
Hong Kong’s Hang Seng has gained 0.37 per cent.
China’s Shanghai Composite has lost 0.27 per cent.

Commodities and the dollar

Gold is trading at US$2,173.10 an ounce.
Iron ore is 0.3 per cent lower at US$108.80 a tonne.
Iron ore futures are pointing to a 2.3 per cent fall.
Light crude is trading $0.09 higher at US$82.03 a barrel.
One Australian dollar is buying 65.40 US cents.