ASX ends flat; gold miners extend gains as MinRes drops on board exits
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket ended flat as gains by financial stocks were offset by losses across energy, technology and healthcare.
The benchmark S&P/ASX 200 index lost 2.8 points, or 0.04%, to end at 7,758.9, with six of its 11 sectoral indices in the red.
A flurry of earnings results saw mining giant Rio Tinto and fuel retailer Ampol end lower, and pushed Zip Co, Genesis Minerals and Bank of Queensland higher.
Elsewhere, gold miners rallied as bullion set a fresh record high, and Mineral Resources and WiseTech Global both fell after announcing changes to their executive teams.
Biggest ASX 200 movers:
- Zip Co (16.2%) — Hiked its FY25 cash earnings guidance following higher cash earnings and revenue in the third quarter.
- Perpetual (-9.1%) — Hit by price target downgrades by both UBS and Jarden, after reporting a decline in assets under management and quarterly net outflows of $8.9 billion on Tuesday.
Earnings news:
- Rio Tinto (-2.7%) — Reported a drop in iron ore production and shipments for the first quarter after adverse weather conditions affected its Pilbara operations but has maintained its full-year guidance.
- Ampol (-3.1%) — Saw a 49% slump in its Lytton refining margin for the first quarter, partly due to damage caused by Cyclone Alfred last month.
- Bank of Queensland (5.5%) — Posted a 13% rise in first-half net profit and raised its interim dividend.
- Karoon Energy (1.6%) — Recorded a fall in first quarter production and sales, as it flagged increased capital spending on its Neon oil field project.
- Air New Zealand (2.9%) — Flagged a slide in second-half earnings guidance, citing grounded aircraft and lower compensation from engine manufacturers.
- Mercury NZ (-0.6%) — Cut its full-year earnings guidance due to lower-than-expected hydro generation amid continued dry weather in New Zealand's Taupō catchment.
- Genesis Minerals (8.4%) — Reported record quarterly production in the March quarter, leaving it on track to meet its upgraded full-year guidance.
Other news:
- Mineral Resources (-9%) — Announced the abrupt resignation of two non-executive directors, Jacqueline McGill and Susie Corlett. It came after proxy adviser Ownership Matters urged shareholders to vote against Corlett's re-election as an Iluka Resources (-1.4%) director because of her presence on MinRes' board.
- WiseTech Global (-1.2%) — Announced a new decade-long employment agreement with founder and former CEO Richard White, who will retain his $1 million-per-year salary under the new title of executive chair and chief innovation officer.
- Paladin Energy (-4.6%) — Faces a class action in the Victorian Supreme Court, with law firm Slater and Gordon alleging the uranium miner engaged in misleading or deceptive conduct when setting annual production guidance for its flagship Langer Heinrich mine.
