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Highlights:
- ASX Recovery: The ASX has regained 8000 points, rising 34 points (0.4%) to 8014.9, following gains in US markets and a 4.5% rebound from earlier losses this month.
- Notable Stock Movements: Baby Bunting (ASX:BBN) saw a significant 15.1% increase in its share price despite a cut in its final dividend, driven by positive sales trends for the new year. Dexus (ASX:DXS) experienced a sharp 7.3% decline after reporting a substantial $1.58 billion loss for FY24.
- Sector Highlights: Reliance Worldwide Corporation (ASX:RWC) and Judo Bank (ASX:JDO) were top performers, with shares up 8.9% and 8.7% respectively, while Ansell Limited (ASX:ANN) saw a 6.4% increase despite a significant drop in profit and dividend.
The ASX has reclaimed the 8000-point mark as Baby Bunting (ASX:BBN) sees a significant 15% surge in its stock price. Meanwhile, Dexus (ASX:DXS) experienced a decline, contrasting with Baby Bunting’s strong performance.
ASX Surpasses 8000 Points; Baby Bunting (ASX:BBN) Rallies 15%, Dexus (ASX:DXS) Declines
Australian shares have climbed back above 8000 points, recovering from earlier losses this month, following gains in US markets. The S&P/ASX 200 index is up 34 points, or 0.4%, to 8014.9. This marks the first time the benchmark has surpassed the 8000-point level since a two-day sell-off at the start of the month. The index has rebounded by over 4.5% since then.
The positive movement on the ASX follows a strong performance in the US, where the S&P 500 closed 1% higher at 5608.25, reflecting a 4.3% increase over the past five sessions. Investors are keenly awaiting a speech from Federal Reserve Chairman Jerome Powell at the central bank’s annual gathering in Jackson Hole, Wyoming, later this week. PIMCO’s Mohamed El-Erian emphasized the importance of Powell using this opportunity to reshape economic and policy narratives.
Stocks on the Move:
- Dexus (ASX:DXS), a property investor and developer, was the worst performer, falling 7.3% to $6.95 after reporting a $1.58 billion statutory loss for the 2024 financial year.
- Reliance Worldwide Corporation (ASX:RWC) saw the biggest gain, up 8.9% to $5.12, following better-than-expected results from its US operations.
- Yancoal (ASX:YAL) shares dropped 16.2% to $5.83 as the company decided to withhold its $420 million half-year profit to fund potential acquisitions, rather than pay dividends.
- Baby Bunting (ASX:BBN) surged 15.1% to $1.75. Despite cutting its final dividend due to a decline in sales and profits for 2023-24, the company reported positive sales trends for the new year.
- Monadelphous (ASX:MND) rose 7.1% to $12.66, driven by a 16% increase in annual net profit to $62.2 million, despite losing a lithium contract.
- KMD Brands (ASX:KMD) saw a 5.7% increase in its share price to 46.5c. The retailer reported improved sales from Rip Curl and Kathmandu stores, although figures remain below the previous year.
- Ansell Limited (ASX:ANN) experienced a 6.4% rebound to $29.08, despite a 49% drop in net profit to $76.5 million and a 16% reduction in its final dividend.
- Judo Bank (ASX:JDO), a challenger lender, saw its shares rise 8.7% to $1.51, as it reported that small- and medium-sized businesses, previously resilient to higher interest rates, are now feeling the impact of reduced consumer demand.
