ASX breaks losing streak; Star, Ingenia surge
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The news: The Australian sharemarket snapped its three-day losing streak, with Ingenia Communities and Star Entertainment rallying strongly.
The benchmark ASX 200 gained 0.48% to end at 8,231, with eight out of 11 sectors finishing in green.
Biggest winners:
- Ingenia Communities (15.04%) — Increased its FY25 EBIT and underlying earnings-per-share guidance after it simplified its operations and improved returns in its development activity.
- The Star Entertainment (12%) — A Macau-based businessman Xingchun Wang has snapped up a 6.52% stake in the casino operator.
Deals:
- Car Group (2.72%) — Will exit its two Australian tyre businesses — tyreconnect and tyresales.com.au — due to the continued difficulty in achieving sustainable profitability.
- Alpha HPA (2.22%) — Has signed a fresh letter of intent amid a lift in demand from the semiconductor sector.
- PWR Holdings (2.15%) — Its North American subsidiary C&R Racing has secured an $8.9 million order to supply advanced cooling solutions for a US government project.
Appointments:
- Magellan Financial Group (1.41%) — Internally appointed its deputy chief financial officer Michelle Mutchnik as its interim CFO.
- Nine Entertainment (0.78%) — Has appointed former Foxtel and News Corp Australia CEO Peter Tonagh as an independent non-executive director.
Other news:
- City Chic (14.58%) — Flagged a turnaround in first-half earnings despite slower sales.
- Telix Pharmaceuticals (4%) — Announced that it expects to exceed its full-year revenue guidance.
- Newmont (0.5%) — Goldman Sachs analysts have initiated a ‘buy’ rating on the stock, citing its tier 1 assets and recent non-core divestments.
- Myer (-4.55%), Premier Investments (-1.37%) — Extended losses from Monday after reporting declines in first-half sales amid challenging trading conditions.
- Mesoblast (-9.25%) — Raised $260 million through a discounted placement to support the commercial launch of its Ryoncil therapy in the US.
The Australian dollar is buying 61.84 US cents.
What’s ahead: Overnight will see the latest US producer price index figures released.
