Latest news with #AXJO
Mint
3 days ago
- Business
- Mint
Aussie shares end with modest weekly gains as tariff jitters spark defensive plays
AXJO logs third weekly gain IT stocks rise for 8th straight week Energy stocks rose 8% in May May 30 (Reuters) - Australian shares edged up on Friday, as worried investors flocked to defensive stocks after a U.S. appeals court kept President Donald Trump's tariffs in effect. The S&P/ASX 200 index rose 0.3% to end at 8434.7, gaining 0.6% for the week. The benchmark ended slightly higher on Thursday. The benchmark rose 3.5% in its second consecutive monthly gain, as it navigated through a tumultuous period of corporate earnings, U.S.-China trade tensions, and the Reserve Bank of Australia lowering rates to a two-year low. The late Thursday ruling by a federal appeals court temporarily reinstating the broadest of Trump's tariffs after a trade court halted them a day earlier, and injected fresh uncertainty into the market. "Australian stocks seesawed as messy tariff crossfire clashed with mounting end-of-month caution fermenting ahead of another uncertain month," said Hebe Chen, a market analyst at Vantage Markets. Investors took refuge in defensive sectors such as banks and healthcare, which rose "as risk appetite slipped into the back seat," added Hebe. Financials logged their third consecutive week of gains with a 0.7% rise. The "Big Four" banks rose between 0.4% and 2.7%. The sub-index gained 4% in May, its second successive month of gains. Health stocks rose 0.2%, finishing the week 0.7% higher, its third straight weekly gain. However, gains in banks and health stocks were tempered by losses in energy and IT stocks. Energy stocks fell 1.4% on lower oil prices but posted a 8% monthly rise - its highest in nearly two years. IT stocks shed 0.6% for the day as investors booked profits, with tech giant WiseTech losing 1%. The sector gained 3.9% for the week, an eighth straight weekly gain. Miners rebounded late in trading, adding 0.4% despite a dip in iron ore prices. Meanwhile, New Zealand's benchmark S&P/NZX 50 index ended 1.1% higher at 12418.89. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
Mint
6 days ago
- Business
- Mint
Banks, tech stocks pull Aussie shares higher ahead of inflation data
AXJO hits highest daily close since February 19 Australian CPI data awaited RBNZ expected to cut rates on Wednesday May 27 (Reuters) - Australian shares ended at more than three-month high on Tuesday, driven by gains in financials and technology stocks, while investors awaited the release of the April inflation data, which is expected to show further moderation. The S&P/ASX 200 index rose 0.5% to 8405.4, the highest daily close since February 19. The benchmark had ended flat on Monday. "I think we are in a quiet period for the market in the lead up to (the) end of (the) financial year... market is bouncing around on macroeconomic news, which... is looking positive for equities," said Luke Winchester, portfolio manager at Merewether Capital. Australia's financial year ends on June 30. Financials gained 1.1%, with the "Big Four" banks rising between 0.9% and 1.4%. The banks have gained since the RBA's rate reduction in May, buoyed by expectations of lending volume growth on lower rates. "However, the next big move in banks is almost certainly down as they have very limited room to rise further without earnings growth," said George Kurian, portfolio manager at Oracle Investment Management. Technology stocks added 1.2%, touching the highest since February 24 earlier in the session. The sub-index extended its gains from Monday, with WiseTech Global rising 2.5% to lead the rally a day after announcing its mega $2.1 billion takeover deal. Dragging the index lower, miners fell 0.3% on falling iron ore prices. Real estate stocks lost 0.4%. Investors are waiting for the Consumer Price Index (CPI) data on Wednesday to glean clues on the Reserve Bank of Australia's (RBA) next move, with analysts expecting the monthly rate to have eased to 2.3% in April from 2.4% a month ago. The market has priced in a 67% chance of an RBA rate cut in July. 0#AUDIRPR New Zealand's benchmark S&P/NZX 50 index closed 0.3% higher at 12,582.33 points, a day ahead of the local central bank's rate decision, where a 25-basis-point cut is expected, a Reuters poll showed. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Sumana Nandy)
Reuters
20-05-2025
- Business
- Reuters
Australia's TechnologyOne hits record high on half-year profit beat
May 20 (Reuters) - Shares of Australian enterprise software provider TechnologyOne ( opens new tab climbed to an all-time high on Tuesday, after it posted first-half earnings above analyst expectations. The stock climbed 12.7% to trade at A$37.2 per share as of 3000 GMT. It emerged as the top percentage gainer on the ASX200 benchmark index (.AXJO), opens new tab, which rose 0.5%. The cloud services firm reported a pre-tax profit of A$81.9 million ($52.77 million) for the six months ended March 31, comfortably surpassing the A$77 million consensus estimate compiled by Visible Alpha. It posted pre-tax profit growth of 18% fiscal 2024, and forecast pre-tax profit growth of 13% to 17% for fiscal 2025. ($1 = 1.5521 Australian dollars)
Reuters
30-04-2025
- Business
- Reuters
Star Entertainment swings to third-quarter loss as storms, weak demand hit casinos
April 30 (Reuters) - Star Entertainment ( opens new tab said on Wednesday it swung to an operating loss in the third quarter, as seasonal weakness, dwindling casino visitors and Queensland property closures from March storms battered the troubled Australian gambling operator. For the quarter ended March 31, the company reported a loss in earnings before interest, taxes, depreciation, and amortization of A$21 million ($13.41 million), before significant items, compared with an EBITDA profit of A$38 million a year earlier. Quarterly revenues, before significant items, fell 35% to A$271 million from last year. Operating expenses fell 3% sequentially due to lower corporate costs and volume-related reductions. Shares rose 2.4% to A$0.1075 by 0046 GMT, outperforming a 0.2% rise in the broader benchmark index (.AXJO), opens new tab. The company warned that there is still "material uncertainty" regarding its ability to continue as a going concern, highlighting several critical initiatives needed to shore up its liquidity position. Earlier this month, Star agreed to an A$300 million rescue package from U.S. group Bally's (BALY.N), opens new tab and the Mathieson family — Star's largest investor. In June, shareholders will consider approving a part of Bally's investment, which will give the U.S. casino group control of 56.7% of Star. Star said that completing this strategic investment is critical to its survival, and it's among its key near-term initiatives, alongside securing access to proceeds from the Sydney Event Centre sale and completing a transaction to exit its DBC joint venture. ($1 = 1.5657 Australian dollars)
Reuters
29-04-2025
- Business
- Reuters
Australia shares likely to open higher, NZ flat
April 30 (Reuters) - Australian shares were poised to open higher on Wednesday, set to rise for a fifth straight session, while investors await local inflation data due later in the day. The local share price index futures rose 0.3%, a 41.4-point premium to the underlying S&P/ASX 200 index (.AXJO), opens new tab close. The benchmark rose 0.9% on Tuesday. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. New Zealand's benchmark S&P/NZX 50 index (.NZ50), opens new tab was largely flat in early trade.
