Australia Market falls 0.3%; Star Entertainment tumbles

The Australian share market finished session lower on Monday, 11 October 2021, snapping two days of winning streak, weighed down by fears of regulatory scrutiny for the casino industry after reports that Star Entertainment Group failed to do enough to prevent money laundering and fraud at its resorts.

At closing bell, the benchmark S&P/ASX200 fell 20.30 points, or 0.28%, to 7,299.79. The broader All Ordinaries index dropped 16.23 points, or 0.21%, to 7,601.10.

The bottom performing stocks in this index were The Star Entertainment Group and Platinum Asset Management, down 22.9% and 5.6% respectively. The top performing stocks in this index were Whitehaven Coal and Fortescue Metal Group, up 6.2% and 5.26% respectively.

Tech stocks slumped on tracking a weak finish on Wall Street on Friday after data showed a weaker-than-expected U.S. jobs growth in September. Xero and Afterpay slid between 3-5%.

Shares of Star Entertainment Group slid 22.9%, after reports accused the casino operator of failing to rein in money laundering and large-scale fraud.

CURRENCY NEWS: The Australian dollar changed hands at $0.7341, above levels below $0.724 seen last week.

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