ASX opens higher as Super Retail rockets on earnings; IPH, Megaport tank
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More news: Australian shares climbed at the open as earnings results saw Super Retail lead early gains on the ASX 200, while IPH, Megaport and Sonic Healthcare tumbled.
The benchmark S&P/ASX 200 index was up 42 points, or 0.47%, to 8,960 at 10:30am AEST. Eight of the 11 sectoral indices were in positive territory.
Rebel owner Super Retail surged 14% after reporting 4.5% growth in annual sales. Bega Cheese (+8.1%), Downer EDI (+5.7%) and Brambles (+4.3%) also rallied after releasing their full-year results this morning.
Intellectual property company IPH (-16.1%) and network-as-a-service provider Megaport (-15.5%) led losses after their FY25 earnings disappointed investors.
Sonic Healthcare (-8%) and Netwealth (-6.8%) were also among the hardest hit.
Australian shares to lift after tech selloff drags US stocks lower
The news: Australian shares are set to open higher this morning after the S&P 500 and Nasdaq fell overnight, as tech megacaps led another day of declines on Wall Street.
The numbers: Updated at 7:30am AEST:
- ASX futures: up 23 points, or 0.25%, to 8,902 points
- Wall Street: Dow Jones up 0.04%, S&P 500 down 0.24% and Nasdaq down 0.67%
- Europe: CAC 40 down 0.08%, DAX down 0.60% and FTSE 100 up 1.08%
- Spot gold: up 0.98% to USD3,348 per ounce
- Oil prices: Brent up 0.19% to USD66.97/bbl and US WTI up 1.27% to USD63.14/bbl
- AUD: down 0.37% to 64.33 US cents
- Bitcoin: up 1.35% to USD114,377.
The context: Apple (-2%), Amazon (-1.8%), Tesla (-1.6%) and Alphabet (-1.1%) all retreated as tech stocks led losses on Wall Street for a second straight session.
Meanwhile, investors are looking ahead to any clues provided by Federal Reserve officials at their Jackson Hole symposium this week. Minutes from the Fed's July meeting, released overnight, showed that aside from Trump appointees Michelle Bowman and Christopher Waller, almost all other Fed officials backed holding rates steady, seeing inflation as a greater risk than a cooling labour market.
In the local market, property giants Goodman Group, Brambles, Xero, Whitehaven, Qube, Northern Star and Netwealth are among the ASX companies due to report financial results this morning.
