AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The S&P/ASX 200 Index opened with a 0.7% increase, boosted by gains across most sectors.
- Key performers include Wesfarmers and JB Hi-Fi, both showing solid upward movement.
- Brickworks surged 5% despite reporting a statutory net loss for FY24.
Australian shares kicked off the day on a positive note, with the benchmark S&P/ASX 200 Index climbing 0.7%, or 58.8 points, to reach 8185.2. This rally comes despite a largely lower performance from Wall Street, where the Dow Jones slipped 0.7% and the S&P 500 lost 0.2%. The Nasdaq remained nearly flat, gaining just 0.04%.
Among the ASX sectors, ten out of eleven showed gains, with consumer discretionary leading the charge. Wesfarmers (ASX:WES) rose by 1%, while Aristocrat (ASX:ALL) and JB Hi-Fi (ASX:JBH) saw increases of 1.2% and 2.1%, respectively. This upward momentum in the consumer sector reflects growing investor confidence despite broader market uncertainties.
Wall Street and Market Trends
The mixed results from Wall Street were highlighted by a significant surge from Micron Technology, which experienced a jump of over 10% after reporting quarterly results that exceeded expectations. This reflects a broader trend where bullish equity positioning, particularly in the US technology sector, has been evident. According to Goldman Sachs' strategy portfolio team, substantial inflows into US technology funds have likely been driven by optimism surrounding artificial intelligence.
Stocks in Focus
A notable development in the Australian market involves Washington H Soul Pattinson (ASX:SOL), which reported a 27.8% decline in group statutory net profit, totaling $498.8 million for FY24. This decrease was attributed to lower profit contributions from both Brickworks (ASX:BKW) and New Hope (ASX:NHC), leading to a 0.5% drop in Soul Pattinson's share price.
In a significant corporate maneuver, Platinum Asset Management (ASX:PTM) saw its shares decline by 0.8% after the company rejected a takeover proposal from Regal Funds Management. Platinum's board concluded that the terms of the offer undervalued the company.
Meanwhile, the ACCC announced it would not oppose Stockland (ASX:SGP) and Supalai’s proposed acquisition of 12 Lendlease residential master-planned community projects. Following this news, Stockland shares rallied 1.1%.
Despite facing challenges, Brickworks experienced a rally of 5% after posting a statutory net loss of $119 million for FY24. This loss was influenced by a non-cash property devaluation of $215 million and a $15 million loss on property sales, showcasing the resilience of the company in the face of financial setbacks.
The Australian market has demonstrated a robust start, reflecting investor optimism across various sectors, particularly consumer discretionary. While some companies face challenges, the overall trend points toward a positive outlook, underscoring the dynamic nature of the ASX in response to both local and global market forces.
