AU Evening Wrap: Australia Shares Close Down 0.6%, But Snap Run of Weekly Losses

$S&P/ASX 200(.XJO.AU)$ closed 0.6% lower at 7051.0, snapping a six-day winning streak but still finishing higher for the week. Nine of the benchmark index's 11 sectors lost ground following a weak lead from equities in the U.S., where traders were unsettled by a pause in inflation's recent decline.

The ASX 200's tech, real-estate and consumer discretionary sectors led the losses in percentage terms, while financial sector--which accounts for more than 25% of the index by market capitalization--shed 0.6%. Major banks $ANZ Group Holdings Ltd(ANZ.AU)$, $CommBank(CBA.AU)$, $Westpac Banking Corp(WBC.AU)$ and $National Australia Bank Ltd(NAB.AU)$ gave up between 0.6% and 0.8%. The ASX 200 rose 1.4% for the week, ending a run of three consecutive weekly losses.

Shareholders in Australia's biggest gold miner, $Newcrest Mining Ltd(NCM.AU)$, overwhelmingly voted in favour of a $26.2 billion merger with US gold mining giant $Newmont(NEM.US)$. Shares edged up 0.8% to $26.

$Perpetual Ltd(PPT.AU)$ jumped 2.8% to $21.31 after news its assets under management had held steady in the September quarter. The struggling money manager pulled in $100 million in inflows during the three-month period, compared to $5.1 billion of outflows in the previous quarter.

$Pact Group Holdings Ltd(PGH.AU)$ held flat at 72¢. The packaging company's board has urged shareholders to reject a buyout offer from majority stakeholder and billionaire businessman Raphael Geminder.

$ResMed Inc(RMD.AU)$ dropped 2.8% to $21.54, nearing a four-year low following an analyst note from brokers at RBC, which downgraded the stock to perform from outperform.

$Bega Cheese Ltd(BGA.AU)$ gained 3.2% to $2.89 after analysts at Bell Potter upgraded the foods business to a buy rating.

$Fletcher Building Ltd(FBU.AU)$ remained in a trading halt. It has accused Western Australia's largest home builder, BGC, of making unfounded allegations over plumbing pipe leaks in 11% of new houses built in the state between 2017 and 2022 that used a Fletcher product. The shares last traded at $4.45.