AUS
NZ
UK
CA
USA
IND
Highlights
- ASX gains as consumer and real estate stocks advance.
- Premier Investments shares surge, leading ASX gains.
- BlueScope and Cettire see declines amid profit updates.
The Australian sharemarket advanced on the back of Wall Street’s positive performance, with notable moves across various sectors. The S&P/ASX 200 Index rose by 0.4%, adding around 30.8 points to reach 8,252.3 by midday. Gains were particularly driven by consumer discretionary and real estate stocks, following a mix of significant corporate announcements.
Overnight, U.S. markets also performed strongly, with the Dow Jones increasing by 0.7% and both the S&P 500 and Nasdaq up by 0.3%. Key tech companies in the U.S., often referred to as the “magnificent seven,” were set to release earnings reports this week, helping lift overall market sentiment to near-record levels.
In major developments on the ASX, Myer Holdings Limited (ASX:MYR) announced it would acquire the apparel brands business of Premier Investments Limited (ASX:PMV) across Australia and New Zealand. This strategic move, first reported by the Australian Financial Review, was reportedly finalized during a board meeting on Monday. Following the news, Premier Investments shares jumped by 11%, making it the leading stock on the ASX 200 for the day. In contrast, Myer shares, which initially saw a 7% rally, later settled with a 1% decrease by midday.
While consumer stocks boosted the index, energy stocks were somewhat of a drag. Energy prices faced a downturn after oil prices tumbled by 6% following a military strike by Israel targeting Iranian military facilities. Market participants had feared potential disruption to energy infrastructure, but the impact remained limited to military sites. Amid these developments, Woodside Energy Group (ASX:WDS) saw a 0.5% drop, and Santos Limited (ASX:STO) slipped by 0.4%.
Several stocks showed movement within their sectors. BlueScope Steel Limited (ASX:BSL) fell 1.4% after the company adjusted its profit outlook for the first half, citing increased cost pressures. This adjustment put additional downward pressure on its share price as investors responded to the updated financial forecast.
Another notable shift occurred with Cettire Limited (ASX:CTT), an online luxury retailer, which recorded a 9.1% drop. Despite reporting a 22% increase in revenue for the first quarter of FY25, totaling $155 million, the company’s adjusted earnings before interest, tax, and amortization stood at $2 million, which fell short of market expectations.
The ASX displayed resilience amid a mix of corporate news and international developments, with gains in consumer and real estate stocks offset by weaker performances in the energy and luxury retail sectors.
