ASX flat as economy gradually slows
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The news: The Australian sharemarket ended flat as investors digested the latest inflation figures, which were slightly worse than expected.
The numbers: The benchmark ASX 200 was unchanged at 8,071.4, with six out of 11 sectors finishing in the green.
The best performing sector was consumer staples, up 1.4%, followed by financials (0.77%). Woolworths shares gained 3.07% after it reported an improvement in underlying earnings and declared a special dividend.
Perseus Mining was one of the best performers across the ASX 200, up 5.71%, after boosting its full-year profit and unveiled a $100 million share buyback.
Flight Centre rose 3.1% after meeting consensus forecasts as it tripled profit in FY24.
Lynas Rare Earths gained 3.09% despite reporting a slide in profit and earnings due to subdued demand from China.
Kelsian Group shares pared back early gains to end 1.01% higher after it defended its higher-than-expected capital expenditure for FY25.
Nine Entertainment shares rose 1.12% despite posting a 31% profit slide for FY24 off the back of macroeconomic pressures and weakness in the television advertising market.
Meanwhile, City Chic Collective rocketed 56.1% after it beat consensus forecasts for FY24 and set higher-than-expected sales and earnings guidance for FY25.
The worst performing sector was energy, down 1.41%, followed by telecommunication services (-1.35%)
Tabcorp was the worst performer across the ASX 200, with shares slumping 16.37% after posting a larger-than-expected full-year net loss following significant asset write-downs amid softer trading conditions.
NextDC shares dipped 3.98% after the data centre operator extended its net loss in the 2024 financial year and set lower-than-expected guidance for FY25.
Karoon Energy lost 2.83% after beating profit and earnings estimates but said full-year production at its Baúna project was expected to fall at the lower end of guidance.
APA Group shares fell 1.64% despite posting higher full-year profit on the back of an expanded gas network on the east coast and contribution from its Pilbara Energy business.
Fortescue lost early gains as it ended 1.24% lower despite posting an 18% increase in full-year profit.
Elsewhere, Energy Resources Australia plummeted 54.84% after announcing it would proceed with a heavily discounted entitlement offer to raise around $880 million, which could see Rio Tinto increase its stake to 99.2%.
The Australian dollar is buying 67.84 US cents.
The context: Earnings season continues with Perpetual, Bega Cheese, South32, Wesfarmers, IGO, Mineral Resources, Qantas, Sandfire, Steadfast, Atlas Arteria, Southern Cross Media, Cromwell and Cettire reporting.
Offshore, Nvidia and Crowdstrike are also posting earnings.
