ASX ends higher as tech rally extends
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The news: The Australian sharemarket ended higher after an extended tech rally and Wall Street’s positive reaction to the central bank’s minutes, which sparked further optimism about a potential US rate cut in September.
The numbers: The benchmark ASX 200 gained 0.21% to end at 8,027, with eight out of 11 sectors finishing in green.
The best performing sector was IT, up 1.88%, followed by industrials (1.28%).
MA Financial shares surged 16.33% after announcing it would launch a $1 billion real estate credit vehicle for institutional investors with US private equity firm Warburg Pincus.
Whitehaven was one of the best performers across the ASX 200, with shares rising 6.67% after announcing the 30% selldown of Blackwater to two Japanese steel mills with long-term offtake agreements in place.
Super Retail Group shares gained 6.48% due to the company’s strong early FY25 half year update and a 50 cent special dividend.
Stockland shares increased 3.37% despite posting a slump in full-year profit as the property developer said that the residential market was positioned for a step change in production.
Northern Star shares rose 1.81% after the gold miner posted a jump in full-year profit but failed to meet consensus forecasts.
Qube shares edged 1.04% higher as it reported a double-digit profit and earnings boost and announced the $119 million takeover of WA-based Colemans.
Auckland Airport gained 0.44% after posting a 87% increase in underlying profit off the back of a strong return of international airline capacity.
Regis Resources ended 0.29% higher despite swinging to a full-year loss due to hedging costs and impairments for its McPillamys project.
Sonic Healthcare rose 0.61% as the pathology services provider reported declines in full-year profit and earnings for the 2024 financial year.
The worst performing sector was utilities, down 0.52%, followed by financials (-0.28%).
Megaport shares plunged 20.78% after the Network as a Service (NaaS) provider set FY25 revenue and earnings guidance short of average analysts' expectations.
Insignia Financial shares plummeted 15.7% after it swung to a full-year loss and halted its dividend to “provide balance sheet flexibility".
Shares in ARN Media fell 9.56%, despite reporting earnings for the June half ahead of analyst expectations.
G8 Education shares tumbled 7.12% after it lifted its half-year profit, but flagged a weaker outlook in a challenging environment, sending its shares lower.
Shares in Bank of Queensland fell 7.32% after announcing that it would cut 400 jobs as part of a broad restructuring plan to streamline distribution and focus on growth in its business bank.
Eagers Automotive shares dropped 2.59% after the car dealer group reported a fall in first-half profit weighed down by inflationary pressures.
SkyCity Entertainment ended 1.38% lower after it swung to a full-year loss on the back of impairments and tax adjustments, although its underlying result was in line with guidance.
The Australian dollar is buying 67.43 US cents.
The context: Tonight will see the release of US flash manufacturing and services purchasing managers’ index figures.
Friday is the start of the Jackson Hole Economic Policy Symposium held in Wyoming that will be attended by central bankers, finance ministers, academics and financial market participants from around the world.
Earnings season continues with Inghams, Latitude, Spark, Polynovo, Accent Group and Abacus Group reporting.
