ASX starts week higher
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket started the week higher, buoyed by tech and consumer stocks, tracking gains by major indices on Wall Street on Friday.
The numbers: The benchmark ASX 200 gained 0.46% to end at 7,813.70 with nine of 11 sectors ending in green.
The best performing sector was IT, up 1.98%, followed by consumer discretionary (1.93%).
JB Hi-Fi was one of the best performing stock across the ASX 200, up 8.4%, after the consumer electronics retailer exceeded expectations for its full-year earnings and announced the acquisition of a majority stake in white goods retailer e&s Trading.
Car Group added 4.6% having met analysts' forecasts by delivering double-digit revenue and earnings growth across its key markets during the 2024 financial year.
The worst performing sector was materials, down 0.51%, followed by energy, which lost 0.34%.
Beach Energy took the biggest hit across the ASX 200, shedding 11.9% after the oil and gas producer slumped to a full-year net loss on the back of lower production and impairments at key assets.
Aurizon also lost ground, ending 8.8% lower, as the freight rail operator's core earnings per share in FY24 came in 11% short of consensus estimates.
Meanwhile, Credit Corp dipped 0.4% as Australia’s largest debt collector defended its reporting to the market, having seen its share price surge late last month despite a hit to full-year profit.
The Australian dollar is higher buying 65.8 US cents.
The context: The US government will release its monthly budget statement overnight, with analysts forecasting a USD254.3 billion ($386.20 billion) deficit in July, extending the USD66 billion deficit recorded in June.
In the local market, the Westpac-Melbourne Institute's monthly consumer confidence index for August is due at 10:30am AEST on Tuesday, followed by NAB's business confidence figures at 11:30am AEST. The Australian Bureau of Statistics is also set to published its wage price index for the June quarter.
On the ASX, Temple & Webster, Lifestyle Communities, Netwealth, Region, Challenger, CSL, James Hardie and Seek are due to report earnings on Tuesday morning.
