Latest news with #ASX200
The Australian
a day ago
- Business
- The Australian
ASX hits fresh peak on Friday despite China's unexpected economic shift
Australia's sharemarket continued its strong gains, setting a new record high for the fifth straight session as a strong start to reporting season outweighed weakness out of China. The benchmark ASX200 continued its march higher during Friday afternoon's trading, closing up 64.80 points or 0.73 per cent to 8,938.60, while the broader All Ordinaries finished the day up 63 points or 0.69 per cent to 9,212.10. Australia's dollar also traded 0.13 per cent higher and at the time of writing was buying 65.03 US cents. In a broad market rally, nine of the 11 sectors traded higher with only consumer staples and technology finishing lower. Australia's sharemarket jumped during the afternoon's trading. Picture Newswire/ Gaye Gerard. The big four all gained, led by Westpac which jumped 2.14 per cent to $36.81 after announcing strong quarterly results on Thursday. ANZ also had a strong day up 1.78 per cent to $33.08, while NAB finished 0.80 per cent higher to $39.19 and Commonwealth Bank traded 0.57 per cent higher to $168.17. The materials sector helped lift the market with BHP shares up 1.08 per cent to $41.96, Rio Tinto jumped 1.41 per cent to $115.05 and Fortescue closed 1.28 per cent higher at $19.84. The rise in the materials sector came despite weakness out of China which could impact Australia's major resources sector. AMP chief economist and head of investment strategy Shane Oliver said Chinese economic data for July was soft. 'Retail sales, industrial production and investment all rose less than expected and residential property investment and sales are continuing to fall as are home prices,' Dr Oliver said. 'Unemployment rose slightly although this possibly due to grad and typhoon season.' The market ignored pressures from China, focusing on reporting season which so far has been better than expected. 'Results have been good with more upside than downside surprises, although most results have been in line, and a big increase in the number of companies reporting profits or dividends up on a year ago than in the December half reporting season,' Dr Oliver said. 'Just bear in mind though that it was much like this at the start of the last reporting season as there is a tendency for companies with good results to report early so results may soften over the next couple of weeks.' Nine of the 11 sectors gained. Picture: NewsWire / Damian Shaw He also said consensus earnings expectations are for overall business profits to fall 1.7 per cent. If the results show this, it would be the third year in a row corporate earnings shrunk. In company news, shares in hearing implant maker Cochlear gained 0.99 per cent to $309.03 after announcing a 1 per cent increase in underlying net profits to $392m, while revenue was up 4 per cent. Cochlear said it aimed to help more than 60,000 people to hear using one of its devices over the next year, up from 53,000 in the last financial year. Shares in Amcor sank 9.70 per cent to $13.60 after announcing its fourth-quarter results showing weakness out of its North American businesses. Baby Bunting soared 40.54 to $2.60 on its latest earnings with the business aiming to double its store network. According to its results until June 29 sales grew by 4.7 per cent to $521.9m, while margins increased and underlying net profit under tax soared 228 per cent to $12.1m. Read related topics: ASXChina Ties
Sky News AU
2 days ago
- Business
- Sky News AU
ASX 200: Banks and energy stocks thrive while tech companies slump
Sky News host Ed Boyd analyses today's performance of the ASX 200. 'Banks and energy stocks were the top performers, tech companies slumped, the ASX200 finished the day up 0.7 per cent,' Mr Boyd said. 'It's been a big week for the markets.'
Perth Now
2 days ago
- Business
- Perth Now
‘Results have been good': ASX jumps on strong start to reporting season
Australia's sharemarket continued its strong gains, setting a new record high for the fifth straight session as a strong start to reporting season outweighed weakness out of China. The benchmark ASX200 continued its march higher during Friday afternoon's trading, closing up 64.80 points or 0.73 per cent to 8,938.60, while the broader All Ordinaries finished the day up 63 points or 0.69 per cent to 9,212.10. Australia's dollar also traded 0.13 per cent higher and at the time of writing was buying 65.03 US cents. In a broad market rally, nine of the 11 sectors traded higher with only consumer staples and technology finishing lower. Camera Icon Australia's sharemarket jumped during the afternoon's trading. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia The big four all gained, led by Westpac which jumped 2.14 per cent to $36.81 after announcing strong quarterly results on Thursday. ANZ also had a strong day up 1.78 per cent to $33.08, while NAB finished 0.80 per cent higher to $39.19 and Commonwealth Bank traded 0.57 per cent higher to $168.17. The materials sector helped lift the market with BHP shares up 1.08 per cent to $41.96, Rio Tinto jumped 1.41 per cent to $115.05 and Fortescue closed 1.28 per cent higher at $19.84. The rise in the materials sector came despite weakness out of China which could impact Australia's major resources sector. AMP chief economist and head of investment strategy Shane Oliver said Chinese economic data for July was soft. 'Retail sales, industrial production and investment all rose less than expected and residential property investment and sales are continuing to fall as are home prices,' Dr Oliver said. 'Unemployment rose slightly although this possibly due to grad and typhoon season.' The market ignored pressures from China, focusing on reporting season which so far has been better than expected. 'Results have been good with more upside than downside surprises, although most results have been in line, and a big increase in the number of companies reporting profits or dividends up on a year ago than in the December half reporting season,' Dr Oliver said. 'Just bear in mind though that it was much like this at the start of the last reporting season as there is a tendency for companies with good results to report early so results may soften over the next couple of weeks.' Camera Icon Nine of the 11 sectors gained. NewsWire / Damian Shaw Credit: News Corp Australia He also said consensus earnings expectations are for overall business profits to fall 1.7 per cent. If the results show this, it would be the third year in a row corporate earnings shrunk. In company news, shares in hearing implant maker Cochlear gained 0.99 per cent to $309.03 after announcing a 1 per cent increase in underlying net profits to $392m, while revenue was up 4 per cent. Cochlear said it aimed to help more than 60,000 people to hear using one of its devices over the next year, up from 53,000 in the last financial year. Shares in Amcor sank 9.70 per cent to $13.60 after announcing its fourth-quarter results showing weakness out of its North American businesses. Baby Bunting soared 40.54 to $2.60 on its latest earnings with the business aiming to double its store network. According to its results until June 29 sales grew by 4.7 per cent to $521.9m, while margins increased and underlying net profit under tax soared 228 per cent to $12.1m.
News.com.au
2 days ago
- Business
- News.com.au
‘Results have been good': ASX jumps on strong start to reporting season
Australia's sharemarket continued its strong gains, setting a new record high for the fifth straight session as a strong start to reporting season outweighed weakness out of China. The benchmark ASX200 continued its march higher during Friday afternoon's trading, closing up 64.80 points or 0.73 per cent to 8,938.60, while the broader All Ordinaries finished the day up 63 points or 0.69 per cent to 9,212.10. Australia's dollar also traded 0.13 per cent higher and at the time of writing was buying 65.03 US cents. In a broad market rally, nine of the 11 sectors traded higher with only consumer staples and technology finishing lower. The big four all gained, led by Westpac which jumped 2.14 per cent to $36.81 after announcing strong quarterly results on Thursday. ANZ also had a strong day up 1.78 per cent to $33.08, while NAB finished 0.80 per cent higher to $39.19 and Commonwealth Bank traded 0.57 per cent higher to $168.17. The materials sector helped lift the market with BHP shares up 1.08 per cent to $41.96, Rio Tinto jumped 1.41 per cent to $115.05 and Fortescue closed 1.28 per cent higher at $19.84. The rise in the materials sector came despite weakness out of China which could impact Australia's major resources sector. AMP chief economist and head of investment strategy Shane Oliver said Chinese economic data for July was soft. 'Retail sales, industrial production and investment all rose less than expected and residential property investment and sales are continuing to fall as are home prices,' Dr Oliver said. 'Unemployment rose slightly although this possibly due to grad and typhoon season.' The market ignored pressures from China, focusing on reporting season which so far has been better than expected. 'Results have been good with more upside than downside surprises, although most results have been in line, and a big increase in the number of companies reporting profits or dividends up on a year ago than in the December half reporting season,' Dr Oliver said. 'Just bear in mind though that it was much like this at the start of the last reporting season as there is a tendency for companies with good results to report early so results may soften over the next couple of weeks.' He also said consensus earnings expectations are for overall business profits to fall 1.7 per cent. If the results show this, it would be the third year in a row corporate earnings shrunk. In company news, shares in hearing implant maker Cochlear gained 0.99 per cent to $309.03 after announcing a 1 per cent increase in underlying net profits to $392m, while revenue was up 4 per cent. Cochlear said it aimed to help more than 60,000 people to hear using one of its devices over the next year, up from 53,000 in the last financial year. Shares in Amcor sank 9.70 per cent to $13.60 after announcing its fourth-quarter results showing weakness out of its North American businesses. Baby Bunting soared 40.54 to $2.60 on its latest earnings with the business aiming to double its store network. According to its results until June 29 sales grew by 4.7 per cent to $521.9m, while margins increased and underlying net profit under tax soared 228 per cent to $12.1m.
Time of India
2 days ago
- Business
- Time of India
Australian shares end stellar week at record high on earnings, rate-cut boost
Australian shares closed at an all-time high on Friday, capping a week that delivered multiple record peaks after a central bank rate cut and a wave of strong corporate earnings boosted investor sentiment. The S&P/ASX 200 index closed 0.7% higher at a record peak of 8,938.60. The benchmark closed 0.8% firmer for the week. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3 Lakh+ Have Transformed Their Smile Toothsi by MakeO Book Now Undo Top gainers included energy firm Ampol, up more than 7.7% to log its highest close since February 3, and Liontown Resources, which ended 5.6% firmer. Earlier in the week, the Reserve Bank of Australia (RBA) delivered its third rate cut of the year, signaling further easing may be needed and boosting consumer sentiment. The RBA began its pivot in February, stepping down from a 12-year peak. With three cuts now behind it, markets are leaning into the view that a broader easing cycle is gathering momentum. Live Events Another key catalyst was standout earnings from major companies, including Westpac, Australia's third-largest lender, insurance firm Suncorp, and power producer Origin Energy. "Following the ASX200's push to record highs every day this week and given the ASX200's sensitivity to RBA rate-cut expectations, we expect the ASX200 to extend its gains towards the next upside target at 9,000 in the weeks ahead," said Tony Sycamore, market analyst at IG Australia. Rate-sensitive banks led the session's gains, climbing 1%, with the "big four" lenders up between 0.6% and 2.1%. Miners added 1.4% to close at their highest point since September 30, 2024, with BHP Group, Rio Tinto and Fortescue advancing between 1% and 1.4%. The sub-index logged a second consecutive weekly gain. Australian energy stocks rose 1.1%, as global oil prices nudged higher after U.S. President Donald Trump warned of "consequences" if Russia blocked a Ukraine peace deal, injecting concerns about supply. In the week ahead, attention will shift to upcoming earnings from BHP Group, CSL and National Australia Bank, as well as the Reserve Bank of New Zealand's monetary policy meeting. Across the Tasman Sea, benchmark S&P/NZX 50 index closed 0.4% higher at 12,889.38.
