NAB drives ASX higher during Monday's trading
The benchmark ASX 200 rose 20.70 points or 0.2 per cent to finish at 8,959.30 while the broader All Ordinaries finished 21.40 points or 0.23 per cent higher at 9,233.50.
The Aussie dollar edged higher and was buying 65.14 US cents.
On an overall strong day on the market, seven of the 11 sectors finished higher.
The banking sector helped drive the market led by NAB shares which jumped 2.65 to $40.23 on strong quarterly results.
CBA, was also up 1.2 per cent to $170.19 and Westpac gained 0.71 per cent to $37.07.
ANZ was the outlier, down 1.54 per cent to $32.57.
IG market analyst Tony Sycamore said the Australian market continued its record breaking run on the back of a strong start to the reporting season.
'I believe this is unprecedented,' he said.
'It's fair to say we continue to this historic run higher for the ASX200 and we are now not too far away from those 9000 levels which has come on the back of RBA rate cuts and a pretty solid start to reporting season.'
Mr Sycamore cautioned while corporate Australia was so far showing strong results, it was usually the businesses with better results which reported at the start of the season.
'This is going to be the week where I think we probably start to see some of those seasonal tendencies around reporting season hold true, this should be the week where things start to get a little hairier,' he said.
Materials were the main handbrake on the market with BlueScope Steel falling 3.14 per cent to $23.48.
The major iron ore miner also slid. BHP fell 1.17 per cent to $41.47, Rio Tinto slid 1.52 per cent to $113.30 and Fortescue Metals dropped 0.60 per cent to $19.72 as investors feared iron ore prices could fall on the back of weak Chinese demand.
On another busy day of reporting season, NAB announced cash earnings for the three months until the end of June of $1.77bn.
It also flagged a spike in operating expenses due to a payroll problem that is estimated to cost $130m.
Qantas was hit with a $90m fine after the federal court found it illegally outsourced 1820 jobs to prevent industrial action during the pandemic, with its shares falling 0.43 per cent to $11.58.
Shares in Lendlease were the standout, as it soared 6.67 per cent to $5.92 on the back of announcing the business had returned to a $225m profit, compared with a $1.5bn loss in the previous year.
Rail giant Aurizon shares jumped 1.83 per cent to $3.33 after it delivered $303m in net profits as well as 200 roles being made redundant.
REA Group shares also gained 4.45 per cent to $261.42 after the Real Estate platform appointed Cameron McIntyre as chief executive to succeed long-serving boss Owen Wilson.
BlueScope Steel fell after telling the market full year profits slumped to $83.8m down from $806m this time last year.
DigiCo Infrastructure REIT dived 14.06to $2.75on inaugural financial results which showed earnings before interest, taxes, depreciation and amortisation came in at $99m.
Outdoor advertising company oOh!media shares also slumped 10.17 per cent to $1.59 after net profits after tax came in at minus $11.3m.
Online retailer Kogan shares fell 2.50 per cent to $3.90 due to writing down the goodwill for its Mighty Ape acquisition on poorer-than-expected trading performance and longer than anticipated recovery from the platform technology challenges following the October 2024 website update.
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