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ASX ends higher; Boss Energy and MinRes soar

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The news: The Australian sharemarket ended higher for the fourth straight session, boosted by energy and utilities stocks.

The benchmark S&P/ASX 200 index rose 0.92%, or 73.5 points, to end at 8,070.6, with ten of the 11 sectoral indices in the green.

Big movers:

  • Boss Energy (14.3%) — Reported the first free cashflow from its flagship Honeymoon project during the March quarter. Fellow uranium miners Deep Yellow (11.7%) and Paladin Energy (8.5%) also surged.
  • Northern Star Resources (-4.7%) — Lowered its full-year production guidance due to operational challenges at its Kalgoorlie mine, despite a steady third-quarter performance.

Executive moves:

  • Endeavour Group (0.5%) — Named former Virgin Australia boss Jayne Hrdlicka as its new managing director and chief executive.
  • oOH!media (1.7%) — Announced the departure of its managing director and chief executive Cathy O’Connor after more than four years in the role.
  • Westpac (1.1%) — Promoted Carolyn McCann to acting head of its consumer banking unit next month, following the exit of incumbent Jason Yetton.
  • Nine Entertainment (0.4%) — Appointed Matt James as chief sales officer on a permanent basis following four months in the role on an interim basis.
  • Telix Pharmaceuticals (1%) — Announced the immediate departure of non-executive director Anne Whitaker after less than a month on the board.

Other news:

  • Mineral Resources (13.2%) — Cut production guidance at its Onslow Iron project by 8% and said the process to appoint a new board chair is "on track" to conclude in the June quarter.
  • Woodside Energy (1.5%) — Made a final investment decision to develop its $27 billion Louisiana LNG project in the US.
  • PointsBet (1.9%) — Received a revised takeover proposal by rival book maker Betr Entertainment, valuing the company at $360 million.
  • Whitehaven Coal (4.7%) — Said it is on track to deliver in the upper half of its full-year production and sales guidance despite a weak March quarter.
  • Fortescue (5.8%) — Reaffirmed its full-year shipment guidance after recording higher production in the March quarter, despite significant weather events.
  • Auckland International Airport (-4%) — Will delay building a second runway for at least 10 years, having previously been slated for 2028.

By Hugo Mathers