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Highlights
- Utilities and major banks fueled the S&P/ASX 200 Index rise at midday.
- APA Group led the utilities sector with a 2.9% gain, maintaining FY25 guidance.
- Lendlease surged in the property sector following a planned $500 million share buyback.
The Australian share market recorded gains on Friday as utilities and banking stocks bolstered the S&P/ASX 200 Index, which climbed 0.6% or 51.6 points to reach 8275.6 by 2:15 pm. A positive performance across 10 of the 11 sectors highlighted the market's strength.
Utilities and APA Group Rally
The utilities sector led the charge, with APA Group (ASX:APA) advancing 2.9%. The company reaffirmed its financial year 2025 guidance for normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeding the prior year. APA reported first-quarter revenue of $256.4 million, an increase from $237.6 million in the previous quarter, underscoring its robust financial health.
Banks Boost Index
Major Australian banks also performed strongly, contributing significantly to the index's rise. Commonwealth Bank (ASX:CBA) added 1.3%, Westpac (ASX:WBC) gained 1.6%, ANZ (ASX:ANZ) advanced 1.9%, and National Australia Bank (ASX:NAB) rose 1.3%. The collective rally of these banking heavyweights underscored investor confidence in the sector.
Property Sector Gains with Lendlease
The property sector also enjoyed gains, led by Lendlease (ASX:LLC), which surged 3.5%. Chief Executive Tony Lombardo announced plans for a $500 million share buyback contingent on successful asset sales. This announcement positioned Lendlease among the best-performing stocks on the ASX 200 for the day.
Broader Market Context
Despite a tepid lead from Wall Street, where Federal Reserve Chair Jerome Powell emphasized a cautious approach to rate reductions, Australian stocks maintained their momentum. The probability of a quarter-point rate cut in the United States next month fell from 82.5% to 55.5%, but this had little impact on the Australian market's optimism.
Notable Moves and Events
ASX Ltd (ASX:ASX) gained 1.2% as it denied allegations from the Australian Securities and Investments Commission regarding potentially misleading statements in 2022 about its CHESS replacement project. Meanwhile, the Sohn Hearts & Minds Investor Conference in Adelaide brought together industry leaders, with stock movements such as Perpetual (ASX:PPT) and Corporate Travel Management (ASX:CTD) gaining 3% after being highlighted by prominent speakers.
This market activity showcased resilience and growth across sectors, with a focus on strong corporate updates and strategic developments.
