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The Australian share market finished on a positive note on Friday, following a busy earnings season and a mix of corporate updates.
The benchmark S&P/ASX 200 Index gained 0.6% or 46.8 points, ending at 8,091.9. This uptick was supported by eight out of the eleven sectors, contributing to a 0.9% rise over the week. The All Ordinaries Index also saw a 0.6% increase.
Among the sectors, industrials emerged as a standout performer, climbing 1.7%. The sector was led by Downer EDI Ltd (ASX:DOW), whose shares surged 17% to $5.59. This significant rise followed the company's announcement of an $82 million annual profit, a substantial turnaround from the $386 million net loss reported the previous year.
Energy stocks also made gains, buoyed by a higher crude oil price. Woodside Energy Ltd (ASX:WPL) saw its shares increase by 2.1% to $27.19, while Santos Ltd (ASX:STO) rose 0.8% to $7.22.
The local market mirrored gains on Wall Street, where the Dow Jones Industrial Average advanced 0.6%.
Stocks in Focus
In corporate news, Star Entertainment Group Ltd (ASX:SGR) faced scrutiny following the release of a critical review by the NSW casino regulator. The company’s shares were halted, and it did not release its full-year results as anticipated.
Ramsay Health Care Ltd (ASX:RHC) experienced a 6.8% drop in its share price, closing at $41.55. The decline came after the private hospital operator forecast slower patient growth and highlighted the impact of cost inflation on margin recovery.
TPG Telecom Ltd (ASX:TPG) announced a reduction of 120 jobs, aiming to save $20 million and address sustained inflation pressures. Despite a 40% slide in interim net profit to $29 million, the company’s shares jumped 8.3% to $4.96. Revenue for the interim period remained flat at around $2.7 billion, though finance costs rose due to new lease agreements and higher interest rates.
Harvey Norman Holdings Ltd (ASX:HVN) saw its share price fall by 6.3% to $4.58 after reporting a 35% drop in net profit to $352.5 million for the 2023-24 financial year. The retailer maintained its final dividend at 12 cents per share.
Appen Ltd (ASX:APX) saw its shares tumble by 17.7% to $1.00, following a decline in group operating revenue by 18.4% to $113.4 million. This drop was attributed to the termination of a contract with Google.
Some companies experienced notable declines, the ASX managed to close the day on a positive note, driven by strong performances in key sectors.
