ASX rallies on rate cut expectations
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The news: The Australian sharemarket ended higher as uranium and telecommunication stocks rallied.
The numbers: The benchmark ASX 200 gained 0.76% to end at 8,311.5, with eight out of 11 sectors finishing in green.
Among the best performers were uranium players Deep Yellow (up 17&%) and Paladin Energy (up 12%%) after the world's largest uranium producer Kazatomprom slashed its production target for 2025.
Chorus shares surged 9.9% after the New Zealand telco boosted full-year earnings and raised its dividend, despite swinging to a loss in the 2024 financial year.
Meanwhile, Aussie Broadband soared 12% after it declared its first-ever dividend on the back of double-digit profit and earnings growth in the 2024 financial year.
Kogan gained 12.9% after restoring dividends as it swung back to a full-year profit while Adore Beauty increased 4.6% after it also moved to a full-year profit.
Tyro Payments surged 11.7% after it reported four-fold growth in full-year profit and announced a $5 million share buy back.
Regal Partners increased 0.3% after announcing that it pulled in a record $59.4 million in performance fees in the six months to June 2024.
Viva Energy gained 0.7% after it lifted half-year profit on the back of strong earnings from its refinery business, offsetting a slowing down in fuel sales volumes.
Stanmore Resources slipped 0.6% after it reaffirmed its full-year production guidance as lower metallurgical coal prices continued to weigh on earnings. It also confirmed commitments of USD450 million ($663 million) to refinance its existing debt facilities, and announced an agreement with the Queensland government for a gas-to-electricity power project at its South Walker Creek coal mine.
The worst performing sector was consumer staples, down 0.9%, followed by healthcare (-0.3%).
Kelsian Group shares plunged 23.5% after it revealed higher-than-expected capital expenditure in FY25, leading to Morningstar to place the stock under review.
Shares in NIB Holdings slumped 16.92% after the health insurer missed its guidance for growth in policy holders and lagged analyst expectations.
Endeavour Group shares fell 6.5% after it reported full-year earnings roughly in line with guidance as the retail group cited "challenging trading conditions" and a "softening consumer environment".
Gold Road Resources shares slipped 4.4% after it reported a hit to half-year profit, as heavy rainfall in March and April impeded output at its Gruyere mine in Western Australia.
Perpetual shares tumbled 1.9% after the investment manager flagged a $547 million impairment charge due to heavy outflows from J O Hambro and TSW strategies.
Meanwhile, Bendigo and Adelaide Bank shares fell 1.21% after the lender posted a drop in full-year cash profit and squeezed margins.
Ramelius Resources shares ended 1.91% lower despite recording a jump in profit in the 2024 financial year.
The Australian dollar is buying 67.76 US cents.
The context: Earnings season continues on Tuesday with BHP, Coles, GYG, Integral Diagnostics, Lovisa, Nanosonics, Siteminder, Woodside, Worley, Zip, and Johns Lyng reporting.
