Shares to dip; FleetPartners announces NZ30 million share buyback; Elders report annual results; Citi starts Cettire with ‘sell’, cuts off Lovisa with ‘sell’

The Australian stock market is expected to open lower, following a sell-off on Wall Street and weaker commodity prices.

S&P/ASX 200 Index futures are down 26 points, or 0.3 percent, at 8,296 ahead of a return to trading on Monday, taking a weak lead on US trading as the rally in the so-called Trump transactions lost steam and traders parried. are backing their bets on the Federal Reserve’s interest rate cut.

The Dow Jones closed 0.7 percent lower on Friday. The S&P lost 1.3 percent and the Nasdaq fell 2.2 percent.

Concerns about demand from China hit commodity markets, along with the stronger US dollar. Iron ore prices fell about 1 percent to $97.30 a tonne in the final session last week, the lowest level in six weeks. Base metals tumbled, while oil prices fell more than 2 percent.

Brent crude futures fell 2.1 percent to $71.04, bringing the weekly loss to 4 percent. West Texas Intermediate crude oil futures (WTI) lost 2.5 percent to $67.02, after falling 5 percent this week.

Stocks to watch

Citi has started reporting on online luxury retailers Cettire with sales advice. Shares are already down 50 percent this year on concerns about its business model.

The broker also struck a discount jewelry store Lovisa with a sale. Shares are up 19 percent year to date.

National Australian Bank acknowledged that it had been charged or allegedly breached the National Credit Code by the ASIC between 2018 and 2023.

Car leasing group Fleet Partners reported net profit of $NZ88 million ($80 million) in FY24, down 1 percent from a year ago, and announced a $NZ30 million share buyback in the first half.

Elders will announce its annual results and WAM leaders will trade ex-dividend.

Westpac, Macquarie And KBA in line for a $250 million hit national bank levy.