AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX edges lower due to declines in property sector despite gains in other sectors.
- National Australia Bank posts mixed results, while big miners show slight advances.
- Sigma Healthcare soars on regulatory approval for a key merger.
Australian shares experienced a mid-morning dip as the S&P/ASX 200 fell slightly by 0.1%, down 9.1 points to 8190.4. This decline came despite early gains and record highs on Wall Street following Donald Trump’s decisive U.S. election win. While eight of the eleven sectors traded positively, a significant pullback in the property sector offset overall market gains.
The Australian financial sector saw varied performance among the major banks. National Australia Bank (ASX:NAB) recorded the largest decline, dropping 2.7% following its full-year results, which reported an 8% decrease in cash profit to $7.1 billion for FY24. Despite the profit drop, NAB increased its annual dividends slightly. Commonwealth Bank (ASX:CBA) slipped marginally by 0.1%, while ANZ (ASX:ANZ) saw a 1.3% rise. Westpac (ASX:WBC) fell 2.3% as it traded ex-dividend.
In the resource sector, major miners demonstrated slight advances. Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) both climbed 1%, and BHP (ASX:BHP) added 0.1% to its value, reflecting investor interest in core mining stocks amid potential economic shifts following the U.S. election outcome.
The U.S. markets, meanwhile, reached record levels as the Dow Industrials, S&P 500, and Nasdaq Composite saw gains. Market sentiment was buoyed by expectations of economic growth policies, though investors also weighed the risk of fresh tariffs that could drive inflation.
In corporate updates, Sigma Healthcare (ASX:SIG) surged 28% after receiving regulatory approval from the Australian Competition and Consumer Commission for its merger with Chemist Warehouse. The decision provides a substantial growth opportunity for Sigma, boosting its market position.
Scentre Group (ASX:SCG), the operator of Westfield shopping centers, inched up 0.1% as it reaffirmed its guidance, forecasting funds from operations per security to range between 21.77¢ and 22.25¢.
Additional moves included Steadfast Group (ASX:SDF), a financial services provider, which gained 0.9% after acquiring HW Wood in London and HWI France in a £23.5 million transaction. Health insurer NIB Holdings (ASX:NHF) rose 1.5% on reporting its strongest start in over a decade for its Australian Residents Health Insurance unit in FY25.
In the tech sector, Zip Co (ASX:Z1P), a leading buy-now-pay-later provider, leaped 4.5%, reporting a 234% increase in cash earnings in the first quarter of FY25. Neuren Pharmaceuticals (ASX:NEU) rallied 5.3%, projecting a strong income range for FY24. Aerospace manufacturer Quickstep Holdings (ASX:QHL) surged 41% to 27.5¢ after receiving a 40¢ per share takeover offer from a major client, Asdam Operations.
This market activity reflects investor sentiment navigating mixed corporate performances and potential shifts in economic policy globally.
