ASX flat as utilities gain
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The news: The Australian sharemarket closed almost flat on Thursday as utilities and energy gained.
The numbers: The benchmark ASX 200 rose 0.04% to 7,611.2 with seven out of 11 sectors finishing in green.
The top performing sector was utilities with gains of 2.01%, followed by energy (0.52%) and IT (0.44%). Some of the largest utility companies were up including Origin Energy (2.82%) and APA Group (1.23%). Today, APA posted strong first-half results aided by returns from Pilbara Energy System, which it recently acquired.
The top-performing stock overall was Insignia Financial, up 13.72%, after it upgraded its full-year guidance and posted a growth in underlying profit.
Bega Cheese was the second best-performing, up 13.52%, after the company reported a 20% lift in statutory EBITDA to $86.1 million during the first half of the financial year compared to the prior corresponding period.
The bottom performing sector was consumer discretionary (-0.66%), followed by communication services (-0.57%), and financials (-0.22%). Many of the large consumer discretionary companies finished lower today including Wesfarmers (-0.22%), Aristocrat Leisure (-1.88%), JB Hi-Fi (3.64%), and Harvey Norman (-1.26%).
However, Lovisa bucked the trend, gaining 10.41% after it posted double-digit growth during the first half of the financial year.
Nine Entertainment had one of the biggest falls in the communications services sector, down 7.88% after the company posted a 40% profit slide.
The big four banks all fell, with NAB down 0.39%, followed by ANZ (-0.29%), Commonwealth Bank (-0.15%) and Westpac (-0.08%).
The bottom-performing stock overall was Sayona Mining, down 28.13%, while Tabcorp fell 10.35%. Today, Tabcorp posted a net loss of $636.8 million for the six months to December 2023, compared to a $52 million profit a year ago.
The context: Friday will see the latest unemployment figures and flash manufacturing Purchasing Managers' Index published for the US.
Meanwhile, earnings season continues with Arcadium Lithium, Block, Brambles, Latitude, Sandfire and Yancoal posting results on Friday.
