ASX rallies as US election count continues
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The news: The Australian sharemarket rallied, tracking Wall Street gains as the vote count continued in today's US presidential election.
The benchmark ASX 200 rose 0.83% to end at 8,199.5 with eight out of 11 sectors finishing in green.
Biggest mover:
- Neuren Pharmaceuticals (8.15%) — Announced it would receive proceeds from the sale of a priority review voucher in the US for $226 million.
Quarterly earnings:
- Domain (-5.59%) — Digital revenue growth of 9% missed Citi’s forecast of 15%. During its AGM, chair Nick Falloon did not give clues on how the recruitment process for a new chief executive was progressing.
- Goodman Group (-0.22%) — Reiterated its full-year earnings and distribution guidance but warned that customer demand continued to be moderate due to lower global growth.
- Suncorp (3.27%) — Reaffirmed its full-year underlying insurance trading ratio guidance, expecting to report "towards the top" of its 10% to 12% range.
Other news:
- Magellan (-1.64%) — Funds under management remained steady at $38 billion in October despite net outflows of $300 million across its retail and institutional portfolios.
- Austal (5.23%) — Bell Potter hiked its price target on the Perth-based shipbuilder following the release of its full-year earnings guidance.
- Domino’s (2.47%) — Macquarie and Citi lowered their target prices on the pizza chain, driven by lower same-store sales at the start of FY25.
The Australian dollar is buying 65.49 US cents.
What’s ahead: Thursday’s events include:
- Quarterly earnings: NAB and Xero.
- AGMs: Amcor, Nine Entertainment, Zip, Breville, Bendigo & Adelaide Bank, NIB and Seven West.
