ASX rises, Web Travel Group soars
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The news: The Australian sharemarket rallied as the latest monthly CPI figures came in under analyst expectations. Inflation on an annual headline basis remains at its lowest level since July 2021.
The benchmark ASX 200 rose 0.57% to end at 8,406.7, with all 11 sectors finishing in green.
Biggest movers:
- Web Travel (13.48%) — Reported double-digit growth in first-half bookings and announced a $150 million buyback.
- Novonix (-21.76%) — Completed its institutional capital raise that had an offer price of 60 cents — a 38% discount to its last close.
- City Chic (-26.67%) — Reported a 4.8% fall in revenue at the start of the new financial year and said margins were below expectations in September and October.
Other news:
- Pro Medicus (-0.69%) — Signed a $24 million deal with US medical centre NYU Langone Health, as part of its continued expansion into North American academic institutions.
- Gentrack (-1.91%) — Pared gains after rocketing 28% on Tuesday, while analysts raised their price targets on the stock following its full-year results.
- Pinnacle Investment Management (-5.08%) — Opened its $25 million share purchase plan to fund its acquisition of minority stakes in asset management firms VSS Capital and Pacific Asset Management.
Earnings:
- Harvey Norman (2.3%) — Posted a 1.7% rise in sales for the four months to October.
- QBE (2.17%) — Flagged growth in third-quarter gross written premiums and investment income.
- HMC Capital (1.47%) — Reported that its operating earnings at the start of FY25 are tracking nearly 90% above last year's result.
- NRW Holdings (1.3%) — Reaffirmed its full-year guidance but received a first strike on its remuneration report at its annual general meeting.
- Dubber (-5.56) — Flagged that it had retained all customers despite its tumultuous year that saw the alleged unauthorised use of $26.6 million by its ex-CEO. Its chair noted the funds were still missing.
The Australian dollar is buying 64.78 US cents.
What’s ahead: Thursday’s events include
- US economy: Overnight will see the release of US quarterly GDP, unemployment claims, core personal consumption expenditures figures, and the Fed’s meeting minutes.
- AGMs: American Rare Earths, Star Entertainment, Sayona Mining, Strike Energy and Westgold Resources.
