ASX snaps three-day losing streak; Xero rallies
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The news: The Australian sharemarket has broken its three-day losing streak with Nufarm and Xero posting the biggest gains.
The benchmark ASX 200 rose 0.37% to end at 8,224, with seven out of 11 sectors finishing in green.
Biggest movers:
- Nufarm (6.01%) — Swung to a full-year loss but its result was better than expected.
- Xero (5.85%) — Reported net profit for the first half that was slightly below expectations but posted revenue in line with market estimates.
- Gold miners — Seven of 10 worst performing ASX 200 stocks were gold miners as gold prices extended losses due to a strengthening US dollar. West African Resources (-7.38%), Northern Star Resources (-5.08%) and Vault Minerals (-4.55%) fell the most.
- Cettire (-9.57%) — The company’s chair Bob East acknowledged “numerous distractions” over the last six months at the company’s annual general meeting.
Other news:
- Neuren Pharmaceuticals (4.6%) — Announced a $50 million on-market share buyback program.
- Cleanaway Waste Management (3.32%) — The ACCC has outlined competition concerns with its proposed acquisition of Melbourne’s Citywide Service Solutions’ waste and recycling arm.
- Light & Wonder (-3.14%) — While analysts found its Q3 trading update relatively positive it fell slightly below consensus forecasts.
- Scalare Partners — Began trading on the ASX today under the ticker 'SCP' after completing a reverse takeover of confectionary manufacturer Candy Club.
Earnings:
- Flight Centre (4.57%) — Set softer-than-expected profit before tax guidance and pushed back its margin target for FY25.
- Infratil (0.18%) — Revised down its full-year guidance after swinging to a first-half net loss.
- Orica (0.06%) — Its full-year revenue fell 7% short of Citi’s forecasts but its EBITDA margin and final dividend both came 1% ahead of its expectations.
- Graincorp (-2.94%) — Reported a slide in full-year profit and cut its special dividend.
The Australian dollar is buying 64.56 US cents.
What’s ahead: Friday’s events include:
- US economic data: producer price index, unemployment claims
- AGMs: Deep Yellow, Healius, Lendlease Group, Mirvac
