Star shares rebound as local bourse dips

SHARES in The Star Entertainment Group rebounded strongly on Wednesday even though the broader market lost ground.

The ASX200 index finished down 8.2 points at 7272.5, while the All Ordinaries Index eased 3.7 points to 7571.9.

Star shares rose 21c, or 6.5 per cent, to $3.42 after the casino operator rebuffed media allegations that it sat on secret reports outlining flaws in its anti money laundering systems. The stock is still down 20 per cent this week.

In the banking sector, shares in the Commonwealth Bank, which held its annual general meeting on Wednesday, dropped 1.59 per cent to $103.22.

CBA chief executive Matt Comyn struck an optimistic note on the nation’s future, saying government stimulus programs were doing their job, households continued to accumulate more savings and businesses were ready to exploit opportunities.