ASX rallies as CBA hits record high, Computershare rockets
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The news: The Australian sharemarket gained as Commonwealth Bank rallied to a new record closing high, while Computershare soared.
The benchmark ASX 200 added 0.61% to end at 8,535.3 with seven out of 11 sectors finishing in green.
Biggest movers:
- Computershare (15.49%) — Upgraded its earnings guidance due to an increase in recurring fee revenue and transaction revenue.
- Amotiv (-7.06%) — Reported a 36% slide in first-half profit and flagged a $9.4 million impairment charge on its Fully Equipped New Zealand business.
Earnings news:
- IMDEX (7.55%) — Reported first-half NPATA of $27 million, down 19%, in-line with consensus forecasts.
- CBA (2.36%) — Posted a modest but better-than-expected lift in first-half cash profit. It also closed at a record high share price of $165.98.
- Suncorp Group (1.33%) — Announced a capital return and special dividend out of the proceeds of the sale of its banking business to ANZ, which boosted its first-half profit.
- Evolution Mining (1.13%) — Posted a jump in first-half profit and announced that its executive chair Jake Klein will move to a non-executive chair role.
- AGL (-0.26%) — Its underlying first-half profit beat market expectations due to stronger electricity retail pricing and higher pool revenue from the group's generation portfolio.
- Arena REIT (0.17%) — Reiterated full-year guidance, after increasing its first-half profit and interim distribution.
Other news:
- Generation Development Group (7.53%) — Completed the institutional component of an equity raise to part-fund its $320 million acquisition of Evidentia Group.
- Fortescue (1.05%) — Has appointed ex-HSBC chief executive Noel Quinn as a non-executive director.
- NIB (1.21%), Medibank (0.76%) — Morgan Stanley analysts have lifted their price targets on both companies in anticipation of solid first-half results from both health insurers.
- South32 (ended flat) — Received federal environmental approval to extend the life of its Worsley Alumina mine in Western Australia.
- Sigma Healthcare (-1.08%) — Has completed its buyout of Chemist Warehouse.
- Gold miners — Perseus Mining (-4.86%), Emerald Resources (-4.62%), Bellevue Gold (-3.72%), West African Resources (-3.1%), and Genesis Minerals (-1.86%) were all part of the bottom 10 performing ASX 200 stocks as spot gold retreated from a new record high as investors booked profits.
The Australian dollar is buying 62.92 US cents.
What’s ahead: Overnight will see the latest US inflation figures released. US Federal Reserve chair Jerome Powell will speak at a Senate committee meeting.
Thursday’s earnings include Temple & Webster, ASX, Domain, Downer EDI, Homeco, IAG, Northern Star, Orora, Origin, Pro Medicus, South32 and Treasury Wine Estates.
