Financials stocks led gainers with a rise of about 0.1% in midday trading Thursday.
ASX (ASX:ASX) advanced nearly 2% after it appointed Anthony Attia as chief executive, effective Sept. 1.
On the flip side, consumer staples stocks shed 2.3% to lead decliners in a broadly lower market.
Coles Group (ASX:COL) fell past 3% after Australia's Federal Court ruled that the retailer deceived shoppers by advertising discounts on products that, in many cases, were being sold at higher prices.
Sasseur REIT's (SGX:CRPU) entrusted management agreement (EMA) income ticked up 5.7% year on year to 185.5 million yuan in the first quarter, according to a Thursday filing with the Singapore Exchange.Portfolio occupancy stood at 98.5%, backed by a weighted average lease expiry of 1.6 years as of March 31.Total outlet sales jumped 11% year over year to 1.39 billion yuan, the China-focused REIT said.
(Updates with a statement from Coles in the fifth paragraph and the latest stock move in the last paragraph.)Australia's Federal Court ruled Thursday that Coles Group (ASX:COL) deceived shoppers by advertising discounts on products that, in many cases, were being sold at higher prices, according to multiple same-day media reports.The case against Coles was brought by the Australian Competition and Consumer Commission (ACCC) in 2024. The consumer watchdog also filed similar allegations against Woolworths Group (ASX:WOW), with that lawsuit still pending a verdict.The ACCC said Coles increased prices on certain items for a very short period of time before putting them on a discount, making the promotions illusory in nature. For example, the price of a dog food product sold for AU$4 for almost a year was briefly raised to AU$6 before being discounted to AU$4.50 as part of its "Down Down" price campaign, according to the reports."13 of the 14 'Down Down' tickets that were the subject of consideration in the joint liability trial were misleading because the relevant products were not sold at the 'was' price stated on the ticket for a reasonable period," Federal Court judge Michael O'Bryan reportedly said in his decision.In a statement, Coles said the court found that all price hikes "resulted from supplier cost price increases and were, therefore, commercially justifiable." The case highlights the "need for clear, practical guidance on minimum price establishment periods to ensure the retail industry can avoid unnecessary litigation in future," the company said, adding that it is reviewing the judgment.The company's shares fell nearly 3% in recent Thursday trade.
HD Korea Shipbuilding & Offshore Engineering (KRX:009540) secured an order for two liquefied natural gas carriers from an Oceania-based shipper.The deal is valued at 743.9 billion won. The shipbuilder will deliver the vessels by March 30, 2029, according to a Thursday filing with the Korean Exchange.Shares of HD Korea Shipbuilding & Offshore Engineering fell nearly 5% in recent trade.