ASX finishes higher as banks, retailers rise; James Hardie shares plummet
The numbers
The Australian sharemarket finished higher on Wednesday after a flurry of company earnings results as gains by the big four banks and the nation's retailers more than offset a plunge by building materials maker James Hardie and losses by energy stocks and CSL.
The S&P/ASX 200 closed up 21.80 points, or 0.3 per cent, to 8918, having shrugged off early wobbles by lunchtime. Seven of its 11 industry sectors advanced, with the banks, consumer discretionary stocks and real estate investment trusts leading the gains.
The index had lost 0.7 per cent on Tuesday, its steepest drop since August 1. The Australian dollar slipped 0.1 per cent to US64.45¢.
The lifters
The big four banks all posted solid gains. Commonwealth Bank, the nation's biggest and the biggest stock on the ASX, rose 0.8 per cent. Westpac added 2.5 per cent, NAB climbed 3.7 per cent and ANZ was up 2 per cent. Financial stocks make up almost a third of the entire ASX, meaning their performance has a major influence on the market overall.
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Consumer discretionary stocks also advanced. Wesfarmers, owner of Kmart and Officeworks, rose 2.6 per cent, electronics retailer JB Hi-Fi was up 2 per cent and furnishing chain Harvey Norman added 1.2 per cent. The Lottery Corp jumped 7 per cent after revealing $749.3 million in operating full-year earnings, down 9.4 per cent from its record jackpot year in 2024.
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