Midday Sector Update: Consumer Discretionary Stocks Soar, Energy Stocks Tumble

MT Newswires Live

Jan 24, 2025

Consumer discretionary stocks jumped almost 2% at midday Friday, as Australian stocks tracked gains on Wall Street, where major indexes scored their fourth straight day of gains on Thursday.

Myer Holdings (ASX:MYR) will relaunch its loyalty program by the end of the year after its shareholders voted in favor of its proposed merger with the Apparel Brands business of Premier Investments (ASX:PMV), the Australian Financial Review reported, citing Executive Chair Olivia Wirth.

On the other hand, the energy sector fell past 1%. The oil market fell after US President Donald Trump urged Saudi Arabia and OPEC to bring down oil prices, during his address to the World Economic Forum in Davos.

Tamboran Resources (ASX:TBN) started stimulation activities of two wells in its Beetaloo Basin exploration permit in the Northern Territory.

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