ASX ends higher on strong earnings
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The news: The Australian sharemarket ended higher after Wall Street gained following softer producer price data that supported expectations of an interest rate cut by the Federal Reserve.
The numbers: The benchmark ASX 200 rose 0.31% to end at 7,850.7, with nine out of 11 sectors finishing in green.
The best performing sector was healthcare, up 1.68%, followed by IT (1.59%). Medical software group Pro Medicus, up 7.65%, was the best performer across the ASX 200 after it reported a jump in full-year net profit and hiked its final dividend.
Evolution Mining rose 6.56% after the gold producer more than doubled full-year net profit and lifted its final dividend.
Seven Group shares jumped 6.78% after it reported a 20% rise in full-year earnings, boosted by an expansion to its industrial services businesses. Meanwhile, Seven West Media shares increased 3.23% despite the company reporting a full-year earnings slide.
Orora gained 6.17% despite cutting its dividend and reporting a flat full-year profit. However, it noted that it was in talks to potentially divest its packaging solutions business.
Commonwealth Bank shares rose 1.06% after the bank's annual profit beat expectations and its second-half net interest margin impressed analysts.
AGL Energy shares climbed 2.04% after it posted strong earnings and announced the acquisition of battery developer Firm Power and solar project firm Terrain Solar.
Fletcher Building rose 4.12% after it said the impact to earnings of a damaged transport ship would be at the lower end of its guidance range.
BWP Trust gained 2.13% after reporting full-year results in line with consensus expectations and targeting FY25 growth.
The worst performing sector was materials, down 1.87%, followed by energy (-0.03%).
Shares in ASX fell 3.92% following an announcement that the corporate regulator would sue the bourse operator over alleged misleading statements linked to its Clearing House Electronic Subregister System (CHESS) replacement program.
Elsewhere, Lifestyle Communities ended 2.55% lower after reporting a slump in full-year profit following recent media reports of unethical behaviour affecting new home settlements.
The Australian dollar is lower, buying 66.29 US cents.
The context: Tonight will see the release of the latest US inflation figures, which could set the tone for the Fed’s next interest rate decision meeting in September.
Locally, Thursday will see the Australian Bureau of Statistics release the latest labour force data.
Earnings season also continues, with Telstra, Origin, Cochlear, Goodman Group, Magellan, Cochlear, Treasury Wine and Arena REIT reporting.
