ASX 200 Edges Higher; Lovisa Experiences Significant Decline Amidst Key Earnings Reports

2 min read | August 27, 2024 11:54 AM AEST | By Team Kalkine Media

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ASX 200 Edges Higher; Lovisa Experiences Significant Decline Amidst Key Earnings Reports — Image source: shutterstock

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The Australian sharemarket experienced a modest increase following a mixed session on Wall Street, as investors assessed profit reports from major Australian companies.

The S&P/ASX 200 index inched up by 0.1%, or 9.7 points, to 8094.2, approaching the 8148.7 peak reached earlier this month.

Among the 11 sectors within the index, six reported losses, with the technology sector showing the most decline. However, substantial gains in energy and mining stocks helped offset these losses.

Oil prices saw a notable increase of 3% as Brent crude surpassed USD 81 per barrel, prompted by Libya’s eastern government announcing a halt to oil exports. Additionally, iron ore prices surged to USD 100 per tonne following a 4% rise overnight.

Top Performers:

- Woodside Energy Ltd (ASX:WDS): Woodside Energy saw its shares climb by 2.9% after reporting a smaller-than-anticipated decline in net profit for the six months ending June 2024, as LNG prices softened.

- BHP Group Ltd (ASX:BHP): BHP Group shares increased by 2% following a slightly better-than-expected underlying profit of USD 13.7 billion (AUD 20.2 billion).

- Coles Group Ltd (ASX:COL): Coles Group reported an 8.3% increase in full-year net profit to AUD 1.1 billion, with total dividends reaching 68 cents fully franked.

Notable Declines:

- Johns Lyng Group Ltd (ASX:JLG): Johns Lyng Group, a property services firm, fell by 29% due to a revenue decline for the year ending June 30.

- Lovisa Holdings Ltd (ASX:LOV): Lovisa Holdings experienced a 16% drop in its share price, despite reporting a higher net profit for fiscal 2024.

Stocks on the Move:

- Guzman y Gomez (ASX:GUM): Guzman y Gomez, a Mexican-themed fast-food chain, saw its stock decline by nearly 4% following increased losses in fiscal 2024.

- Zip Co Ltd (ASX:ZIP): Zip Co Ltd shares fell by 8.4% despite a notable increase in transaction values as its short-term credit app gains traction among US consumers.

- SiteMinder Ltd (ASX:SDR): SiteMinder, a hotel booking software provider, dropped nearly 2% after reporting a statutory loss for the year ending June 30.

- Austal Ltd (ASX:ASB): Austal Ltd experienced a 3.6% rise after resolving accounting issues with US authorities.

- Worley Ltd (ASX:WOR): Worley Ltd saw its shares increase by 2.7% following a profit surge in 2024.

The market's performance reflects the ongoing influence of corporate earnings and commodity prices on investor sentiment.

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