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Highlights
- Goodman Group (GMG) drops over 6% after announcing a capital raise.
- Fortescue (FMG) leads mining stocks lower with a significant profit decline.
- Telstra (TLS) and Wesfarmers (WES) see gains amid strong earnings reports.
The Australian stock market extended its losing streak for a fourth consecutive session on Thursday, weighed down by a decline in real estate and mining stocks. The S&P/ASX 200 dropped 0.7% (55.7 points) to 8363.50, while the All Ordinaries Index also retreated 0.7%. Despite some positive corporate earnings, the broader sentiment remained subdued, with six of the eleven sectors trading in the red.
Goodman Group Leads Declines
Industrial property giant Goodman Group (ASX:GMG) saw a sharp decline, falling 6.5% in early trade. This drop came after the company announced a $4 billion capital raise, its first in 12 years, to fund expansion plans targeting data centers. The stock’s decline followed a 2.4% gain in the previous session, as investors reacted to the fundraising announcement.
Mining Stocks Under Pressure
The materials sector faced selling pressure, driven by a sharp drop in Fortescue (ASX:FMG), which fell 5.5% after reporting a more than 50% decline in profits. This decline affected the broader mining space, with BHP (ASX:BHP) sliding 1.8%. The sector’s weakness contributed to the broader market downturn.
Economic and Global Concerns
Investors kept an eye on Australia’s latest unemployment rate data, set to be released later in the day. Additionally, concerns over global trade resurfaced following comments from former U.S. President Donald Trump, who suggested Ukrainian leadership bore responsibility for the ongoing conflict with Russia. These geopolitical concerns added to market uncertainty.
Major Gainers and Losers
Megaport (ASX:MP1) emerged as the top gainer, soaring 24.3% after raising its full-year revenue guidance, citing strong growth across all regions.
On the other hand, Magellan (ASX:MFG) saw the steepest decline, tumbling 13% after reporting a 10% drop in profit and announcing a strategic review of its balance sheet management.
Earnings-Driven Movements
Several companies reported earnings, influencing stock movements:
- Wesfarmers (ASX:WES) gained 1.9% after reporting a 2.9% increase in half-year profit to $1.47 billion.
- Telstra (ASX:TLS) climbed 3.8%, posting a 7.1% increase in profit to $1.1 billion and raising its dividend by 5.6%.
- Tabcorp (ASX:TAH) rose 3.6%, benefiting from a 10.1% increase in revenue and a 25.6% rise in net profit before significant items.
Conversely, Aristocrat Leisure (ASX:ALL) dipped 3.7% after announcing a $750 million share buyback program, following the completion of its $1.85 billion buyback in January 2025.
Other Market Movers
- Charter Hall (ASX:CHC) advanced 5.2%, posting a $61.1 million statutory profit, helped by lower portfolio devaluations.
- Netwealth (ASX:NWL) gained 3.2%, raising its dividend by 25% after strong net flows in recent quarters.
- SkyCity (ASX:SKC) saw a sharp 9.1% decline, as earnings fell more than 20% to $133 million, impacted by reduced customer spending and transformation investments.
- Capstone Copper (ASX:CSU) slipped 2.6%, despite reporting a doubling in fourth-quarter earnings, with full-year production reaching 184,460 tonnes.
Outlook
While corporate earnings results continue to drive individual stock movements, broader market sentiment remains cautious amid sector-specific pressures and global uncertainties. Investors will closely watch economic data releases and geopolitical developments for further direction in the coming sessions.
