AUS
NZ
UK
CA
USA
IND
Highlights
- Australian shares rose as energy stocks offset property losses.
- Major banks saw mixed performance, with National Australia Bank down following annual results.
- Sigma Healthcare surged on regulatory approval for its Chemist Warehouse partnership.
Australian shares opened slightly higher as gains in the energy sector helped offset losses in property stocks. This upward trend followed record highs on Wall Street after Donald Trump's recent U.S. election victory, which saw the Dow Industrials, S&P 500, and Nasdaq Composite each reaching new milestones. Investors are anticipating that Trump's return to office could lead to corporate-friendly policies, including tax cuts, though concerns over inflation from potential tariffs remain.
The S&P/ASX 200 index rose by 0.1%, reaching 8210.4 points, driven by strong performances in eight out of the 11 sectors, led primarily by energy stocks. However, the big banks showed a mixed performance, impacting the overall market sentiment.
National Australia Bank (ASX:NAB) recorded the largest dip among the major banks, declining 2.7% following the release of its annual results. The bank, Australia’s second-largest lender, reported an 8% decrease in cash profit to AUD 7.1 billion for the financial year 2024. Despite the profit decline, NAB announced a slight increase in its annual dividends. Commonwealth Bank (ASX:CBA) slipped 0.1%, while ANZ (ASX:ANZ) climbed 1.3%. Meanwhile, Westpac (ASX:WBC) dropped 2.3% as it traded ex-dividend.
The mining sector posted gains, with Rio Tinto (ASX:RIO) and Fortescue Metals Group (ASX:FMG) both rising by 1%. BHP (ASX:BHP) also gained slightly, with a 0.1% increase, further supporting the overall market.
In corporate news, Sigma Healthcare (ASX:SIG) surged 28% after receiving approval from Australia’s competition regulator for its strategic partnership with Chemist Warehouse. This regulatory nod is expected to boost Sigma’s market position in pharmaceutical distribution.
Several other stocks saw notable movements. Scentre Group (ASX:SCG), which operates Westfield malls, edged up by 0.1% after reaffirming its funds from operations guidance at 21.77¢ to 22.25¢. Financial services provider Steadfast Group (ASX:SDF) gained 0.9% following its acquisition of London-based insurance broker H.W. Wood and HWI France for £23.5 million.
Health insurer NIB Holdings (ASX:NHF) rose by 1.5% after reporting a strong start for its Australian Residents Health Insurance unit, the best in over a decade, signaling positive growth for FY2025. Buy now, pay later company Zip Co (ASX:ZIP) also saw a sharp 4.5% increase, following a significant 234% rise in cash earnings in the first quarter of FY2025 compared to the previous year.
Aerospace manufacturer Quickstep Holdings (ASX:QHL) soared 41% to 27.5¢ per share after receiving a takeover offer of 40¢ per share from major client Asdam Operations, underscoring positive investor sentiment.
The day’s market performance reflects a positive outlook across multiple sectors, as corporate developments and earnings reports drive individual stock movements.
