Banks lead the charge as ASX finishes heavily in the green
The benchmark ASX 200 closed 46.70 points, or 0.53 per cent, higher to finish the day at 8,873.80, while the broader All Ordinaries finished 46 points or 0.51 per cent higher to 9,149.10.
The Aussie dollar slipped 0.14 per cent and is now buying 65.41 US cents.
Overall eight of the 11 sectors finished higher, led by utilities and financials stocks.
The bounce in financials comes just a day after the Commonwealth Bank announced its results which dragged the sector lower.
Westpac shares soared 6.31 per cent to $36.04 after the banking giant announced its unaudited statutory net profits for the last quarter jumped 14 per cent to $1.9bn.
Its all important core net interest margin was up 0.05 per cent to 1.85 per cent, while revenue jumped 4 per cent.
Shares reached a decade high on the result.
NAB jumped 1.89 per cent to $38.88 and ANZ gained 1.98 per cent to $32.50 on the back on Westpac's results.
CBA continued its slide, down 1.13 per cent to $167.21.
Kodari Securities founder and chief executive Michael Kodari said big banks would likely drive the market higher.
'The big four continue to offer attractive value, particularly when compared to global peers,' he said.
'Following strong profit and fresh all-time high for Westpac, there could be more gains from the big banks over the next six months, likely taking the S&P/ASX 200 to a fresh record by the year's end.'
Investors also shrugged off figures released by the Australian Bureau of Statistics showing the unemployment rate fell to 4.2 per cent in July, from 4.3 per cent, despite it impacting future rate cuts.
VanEck head of investment and capital markets Russel Chesler said the data-driven Reserve Bank could pause further interest rate cuts.
'To nip inflation in the bud – an outcome that should help ease cost of living as well as interest rates – we think labour conditions need to loosen more than they have to date,' he wrote in an economic note.
'The unemployment rate is still at historically low levels.'
On a jammed pack day of reporting, Telstra shares slumped 2.61 per cent to $4.85 after the telco announced statutory net profit for the last financial year came in at a substantial $2.17bn, up nearly 34 per cent on this time last year.
Healthcare imaging software group Pro Medicus posted a 40 cent increase in net profits to $115.2m on the back of new contracts in American hospital and radiology clinics. Shares jumped 6.24 per cent to $315.69 on the back of the announcement.
Suncorp Group shares rose 3.64 per cent to $20.77 after it announced its net profits after tax came in at $1.8bn after the business benefited from a favourable natural hazard experience and positive net investment income of $766m.
Redbubble parent company Articore announced it had its first profitable fourth quarter in five years, albeit on an EBIT basis. Overall net profit after tax improved 77 per cent to negative $1.4m. Articore Group shares were up 5.77 per cent to $0.275.
Furniture retailer Temple and Webster shares soared 8.75 per cent to $28.35 after announcing record revenues of $601m for financial year 2025, up 21 per cent compared to this time last year.
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SBS Australia
an hour ago
- SBS Australia
Shirley always wanted to run a clothing factory. She says this Australian fashion giant killed her dream
Following the collapse of Australian fashion retailer Mosaic Brands, and its much-loved labels such as Katies and Noni B, Dateline meets the suppliers who say they lost nearly everything. Watch Part Two of the two-part investigation, The Cost of Doing Business, on Tuesday 19 August at 9.30pm on SBS or live on SBS On Demand . Watch Part One now on SBS On Demand . The Cost Of Doing Business: Part 1 Shirley Lu had always adored fashion and dreamed of one day running her own factory in Shenzen, China. When she had the chance to work with Australian retail giant Mosaic Brands, she was thrilled. Mosaic owned 10 labels including Rivers, Katies, Noni B and Millers after a period of expansion between 2014 and 2018. By 2019, the company had 1,400 stores, employed 7,000 people and worked with hundreds of suppliers in Australia and overseas. "I thought Mosaic was a very famous company in Australia," she told Dateline. However in September 2023, her first invoice went unpaid. "I saw my shoes for sale on Rivers' official website but when my payment was due, no one got back to me … From September through October, I contacted them every single day by phone and email. But no one answered me." By March 2024, she says she received US$40,000 (around $62,000) after being put on a payment plan by Mosaic, but it wasn't enough to cover her expenses. "They took my goods but refused to pay. I was so miserable and broken, because I had to pay for the workers' wages." Fashion supplier Shirley Lu was initially excited to work with an Australian company the size of Mosaic Brands. Source: SBS Shirley borrowed money from her sister to cover some of her costs, but her sister was later diagnosed with breast cancer and needed the money back. "I told them, I need this money for my loved ones to survive … but they didn't reply." "We all felt that our world had come crashing down." Mosaic Brands in financial trouble The company had been reporting mostly modest profits to the ASX and in 2022, CEO Scott Evans took home a salary package of over $2 million. Noni B stores across Australia have closed down after the label's owner Mosaic Brands went into administration in October 2024. Insolvent trading is when a company is unable to pay existing debts while taking on new ones. It is illegal in Australia because of the harm it can inflict on unsuspecting businesses. However, Mosaic was using a legal protection called 'safe harbour', which enables a company to keep trading while its directors take steps to rescue the business. In recent years, the retail climate in Australia has been hit by a perfect storm of COVID-19, cost of living pressures and the rise of online shopping. This year alone, 800 Australian retailers have gone bust. According to the report to creditors, Mosaic used safe harbour protection on and off for a period of four and half years. While in safe harbour, a publicly-listed company doesn't have to disclose their insolvency to shareholders or suppliers. 'A kind of blackmail' Harry Wang also says he didn't know that Mosaic Brands was in financial trouble. He first began making shoes for Rivers from his factory in Xiamen, China, back in 2012. He says when Mosaic acquired the Australian brand in 2018, things changed. But he says it wasn't until 2022 that he stopped getting paid on time for the goods he supplied. Harry Wang says Mosaic Brands now owes him US$6.2 million (around $9.5 million). Source: SBS Harry says he felt pressured to continue to supply goods or he would face loss of sales claims or non-payment for the goods he had already supplied. "We have no choice. We'd be pushed to deliver the goods. Otherwise, we really don't have any payment … So we have to keep on supplying them," he told Dateline. "That's a trick for all the suppliers … a kind of blackmail." Harry says he was also issued with US$4.5 million (around $6.9 million) worth of loss of sales claims due to reported delivery delays or faulty goods from 2022 to 2024. Harry settled these claims at the time with Mosaic, but alleges they were excessive. He says Mosaic Brands now owes him US$6.2 million (around $9.5 million): US$4.2 million (around $6.5 million) in unpaid invoices accrued between 2022 and 2024, and US$2 million (around $3 million) in stock that he's already made, including 80,000 pairs of shoes stocked in his warehouse that may never be delivered. Harry's office staff has been reduced from 15 to four, while one of the factories he works with is in 'a state of shutdown'. Harry says the stress has placed a huge strain on his marriage and family life. "This is a very, very big lesson for all the Chinese suppliers … Don't trust anybody. That's the lesson we got," he says. "All of our wealth, after all our hard work, was suddenly wiped out by them. "I'm so sad." This is a very, very big lesson for all the Chinese suppliers … Don't trust anybody. Harry Wang Mosaic 'deeply disappointed and upset' When Mosaic entered administration in October 2024, its 10 labels and then-650 stores closed for good. Among the company's losses, Mosaic owed an estimated $US50 million (around $77 million) to suppliers in China, according to the Mosaic Brand creditor list from 8 November. Suppliers in China, Bangladesh and Australia are coming together to demand answers and call for a public inquiry into the actions of Mosaic Brands. Former Mosaic Brands CEO Scott Evans declined Dateline's request for an interview and did not provide any detailed answers to questions we put to him. Through his lawyers, he said: "Given the current circumstances of the company it is difficult ... to provide substantive comments." "Based on some of the questions and propositions that have been put to me, there seems to be material misinformation about the company, which I believe will be clarified in the fullness of time." Scott Evans when he was CEO of Noni B in 2014. Source: AAP / Dean Lewins He added that during his 10 years as CEO he "had the privilege of working alongside literally thousands of hardworking team members ...and suppliers". And that he was "deeply disappointed and upset to see Mosaic Brands enter administration". No adverse findings have been laid against any Mosaic Brands directors. 'More likely to get bitten by a shark' As the Mosaic Brands administration process unfolds, Professor Jason Harris, an insolvency expert at The University of Sydney Law School, warns that suppliers are unlikely to get any money back. Nor is the Australian Securities and Investments Commission (ASIC) likely to take action, he adds. "You're more likely to get bitten by a shark on George St in Sydney than you are to be prosecuted for insolvent training," he told Dateline. "The problem we have in Australia is there are so few cases where ASIC is taking action, or where liquidators have the funding to take action, that the bad guys out there know they're likely to get away with it. "More than 90 per cent of companies that go into liquidation give nothing to unsecured creditors. "There's all the laws we need to address this poor behaviour. What we don't have is effective enforcement of those laws." Harris adds that Mosaic Brands' use of safe harbour could be the first real test case for this law. While there is no time limit or expiry on the use of safe harbour, it relies on company directors and their advisers knowing when a business can't be saved. Harris says while it's hard to comment on Mosaic's specific situation without being across all the information, four years "stretches credulity". "If you're still having the same problems four and a half years later, then clearly it's not working... "Where were the gatekeepers?" A release issued on behalf of the Mosaic Brands board of directors last year, in response to previous reports the company had been using safe harbour protections, said its directors take their duties seriously, and did seek advice on the applicability and compliance with the safe harbour provisions. ASIC did not respond to Dateline's specific questions, but says it continues to monitor the administration of Mosaic Brands. Ongoing struggles Meanwhile, Dateline has spoken to 50 suppliers across Australia, China, Bangladesh and India who all say the way Mosaic Brands conducted business was unethical. In Shenzen, Shirley is still struggling to rebuild her life. To pay back her sister and cover her costs, she mortgaged her home. But she says Mosaic still owes her US$60,000 (around $92,000). Her dreams of growing her business and one day owning her own factory are now shattered. "I had delivered the products on time, on quality, to Mosaic," she says. "But I never imagined that they would cheat with my goods and not pay me." * Some of the debts referenced by suppliers in this story are disputed, with creditors' debts to be finalised as part of the administration process.
News.com.au
an hour ago
- News.com.au
Stock Tips: Which picks are as ‘safe as houses' this week? Maybe… houses?
It's no easy gig analysing share prices and company performance but somebody's got to do it. Every week two experts from our Share Tips columnist pool give us their recommendations. David Thang – Sequoia Financial Group BUY REA Group (ASX:REA) A dominant player in the real estate listings and services space, with a solid balance sheet. The positive outlook in the property sector is supported by additional interest rate cuts and strong employment, hence increasing listing activity. Evolution Mining (ASX:EVN) The gold and copper producer is expected to benefit from high profit margins in both commodities over the medium term. Financial gearing has reduced, and double-digit earnings growth appears here to stay. HOLD A technology company that provides a platform for location-based services and family safety continues to increase subscriber growth and retention, underpinned by strong international expansion. Car Group (CAR) The global digital marketplace provider of online vehicle sales delivered excellent financial year 2025 results. Net profit is on the rise along with its dividend yield. SELL Bapcor (ASX:BAP) Given profit is on the decline, a weakening sales outlook and board changes, we prefer others. Boss Energy (ASX:BOE) The Australian uranium exploration and mining company announced the resignation of its CEO and disappointing production guidance. Sean Conlan – Leyland Private Asset Management BUY WiseTech Global (ASX:WTC) We forecast FY25 core NPATA of $236 million, up +29% yoy and broadly in line with consensus, which assumes revenue growth of +16% yoy. Bhagwan Marine (ASX:BWN) A leading marine solutions provider to the oil and gas, port, civil and defence industries, growing market share in expanding markets. HOLD Woodside Energy Group (ASX:WDS) Our lacklustre oil and weakening spot LNG outlook (in 2027/28) makes it difficult to become more positive here, particularly given recent strength in WDS shares. Evolution Energy Minerals (ASX:EV1) EVN offers effectively unhedged gold and copper exposure via a portfolio of high quality, long-life, low-cost assets in Tier 1 jurisdictions. SELL Beach Energy (ASX:BPT) We are surprised the market hasn't reacted more negatively following FY25 results and reserves report. FY26 guidance points to a weaker outlook. The FY25 result has caused us to become incrementally more cautious on the outlook for both China and the US, and downgrade to 'sell'.
News.com.au
an hour ago
- News.com.au
Anti-migration co-ordinator's wealthy property family
EXCLUSIVE One of the co-ordinators of a series of anti-immigration protests planned across Australia comes from one of the nation's wealthiest property development families, it can be revealed. Hugo Lennon – who goes by the online persona 'Auspill' – is encouraging Australians to come out en masse on August 31 in protests to 'end mass immigration' – which he says is to blame for the nation's housing crisis and skills shortage. However, can reveal Mr Lennon is the grandson of Tony Lennon, the former chairman of Perth-based Peet Limited, one of Australia's largest real estate development companies, worth approximately $800 million. The development mogul's wealth is now estimated at $350m to $500m, with Tony listed in WA's 50 richest list on multiple occasions. The 82-year-old retired from Peet last year, however, retained his shareholding of the company of more than 20 per cent. Mr Lennon's father Anthony is still with the company as a non-executive director on the board. Both Tony and Anthony have been contacted for comment from In his most recent video, Auspill tells his followers to 'Save the date for August 31 to save Australia'. 'So no doubt by you've heard by now about August the 31st, and if you haven't, on that date Australians will be marching for an end to mass immigration. They will be marching for Australia,' Mr Lennon states. 'Because the majority of Australians want to see the end of mass immigration. 'The truth is, Australia have been ignored on immigration for a long time and that's gonna come to an end because on the 31st Australians will voice this majority opinion.' There is also no suggestion that Hugo Lennon's other family members share his views. In a statement to a spokesman for Peet Limited denounced Mr Lennon's opinions. 'Creating inclusive, diverse communities where everyone belongs is a core value for Peet,' the company said in a statement. 'Peet does not share the views expressed by this individual, and we do not condone his actions or commentary.' The protests are being organised by the group 'March For Australia' – whose Facebook group was being moderated and administrated by Mr Lennon's 'Auspill' account. His account name has been removed from the page since being contacted for comment by Mr Lennon told his account was removed as March for Australia did not want to be 'connected to any one name and thus any one set of politics'. He outlined that he was assisting with 'certain technical systems and back-end infrastructure' for the rallies as well as providing 'occasional logistical support in online co-ordination'. 'The reasons expressed by MFA are broad, they reflect the organisers' and supporters' diverse political backgrounds,' Mr Lennon told 'Concerns around mass immigration include housing shortages, demographic change, infrastructure strain, environmental impacts, water supply shortages and fractured social cohesion.' Flyers and videos promoting the rallies have gone viral on TikTok and X in recent days, sparking division online. Rallies are set to be held in Hobart, Darwin, Townsville, Melbourne, Sydney, Brisbane, Perth, Canberra and Adelaide from 12pm to 2pm local time. Exact locations are yet to be announced. The event is being promoted by a number of far-right and white nationalist accounts on social media, however, Mr Lennon told his followers the protest will be 'peaceful'. On Tuesday, the March for Australia page put out an 'urgent press release' clarifying they were not affiliated with 'White Australia'. 'March For Australia began as a grassroots, organic effort to unite Australians around a common cause – ending mass immigration,' the social media post from March for Australia stated. 'We respect those foundations and recognise that our cause finds support from Australians from a diverse range of political backgrounds. 'Any attempts to hijack March For Australia for other issues, or to make it about any one group, are not in the spirit of the movement that we have taken custody of. 'We will assemble peacefully, to defend our flag, our people and demand an end to mass immigration.' As of March 13, neither NSW Police nor Queensland Police had received any notice of an intention to hold a 'public assembly'. It comes after a separate event in which around 100 masked neo-Nazis marched through Melbourne's CBD in the early hours of Saturday morning, carrying a sign reading 'White Man Fight Back'. The National Socialist Network event sparked outrage from Jewish groups, as the Victorian government pledged to introduce new laws giving police powers to 'unmask cowards at protests'. The high life of the Lennons Hugo's sister Eliza, a lawyer from Melbourne, makes no secret of the Lennon family's wealth, regularly posting family snaps from luxury locations and red carpets. However, she also makes known her disapproval of her brother's views. 'My brother's opinions are not mine,' her TikTok bio states. Her brother appears rarely on her social media feeds as opposed to her parents and grandparents. In one TikTok video, Eliza, who is also a keen golfer, features her multimillion-dollar grandfather in a 'fit check' with the pair kicking their feet up to show off their outfits.
