Australian Shares Flat Ahead of CPI Data; WiseTech CEO Steps Down

MT Newswires Live10-25

Australian shares were flat for the third day in a row on Friday, as risk-averse investors awaited near-term catalysts.

The S&P/ASX 200 was little changed to close at 8,211.30.

The domestic third-quarter consumer price index, scheduled for release on Oct.30, may provide a catalyst for traders while waiting for the results of the US presidential elections.

ANZ Research expects Australia's annualized consumer price index (CPI) to fall 0.9 percentage points to 2.9% in the third quarter, just below the Reserve Bank of Australia's target of 2% to 3%. However, the financial services firm does not expect the central bank to cut rates within the year.

In corporate news, WiseTech Global (ASX:WTC) founder Richard White will step down immediately as a director and chief executive and take a short leave before transitioning to a consulting role amid a string of controversies surrounding the billionaire businessman. The tech firm's shares rallied 13% at market close.

Meanwhile, HMC Capital (ASX:HMC) raised AU$300 million via the placing of 34 million shares at AU$8.75 apiece to support the acquisition of Global Switch Australia as part of a seed asset for the Global DigiCo platform. Shares of the financial services firm rose 12% at market close to reach an all-time high.

Finally, shares of independent food, grocery, liquor, hardware, and automotive retailer Metcash (ASX:MTS) closed down more than 3% and earlier hit their lowest since November 2020 even after the group reported that its year-to-date sales grew 6.3% from the year-ago period.

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