ASX falls; Star Entertainment sinks 17pc
Wednesday, September 27, 2023       08:45 WIB

The Australian sharemarket fell 0.2 per cent at the market open on Wednesday, shrugging off a heavy sell-off on Wall Street, as investors await key local inflation data to provide further direction.
The benchmark S&P/ASX 200 index was down 14.22 points to 7023.1 before the release of August CPI data at 11:30am AEST .
In the US, the S&P 500 and the tech heavy Nasdaq tumbled more than 1 per cent after weak consumer confidence data and as the US 10 year bond yields remained at the highest level since 2007.
Amid the prospect for a higher cash rate in Australia, the interest rate sensitive tech sector extended Tuesday's decline to be among the worst performers. Life360 shed 2.6 per cent, WiseTech dropped 0.8 per cent and TechnologyOne lost 1.5 per cent.
Stocks on the move
Embattled casino operator Star Entertainment was the biggest laggard on the ASX 200 with a drop of 17 per cent. The company raised $565 million from institutional investors after offering new shares at 60 apiece.
Liquor chain operator Endeavour dropped 1 per cent after the board recommended its shareholders to vote against the election of former Myer chairman Bill Wavish as an independent non-executive director.
The Australian Financial Review earlier revealed that Wavish was attempting a boardroom run at Endeavour with the support of its biggest shareholder, Bruce Mathieson.

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