AUS
NZ
UK
CA
USA
IND
Highlights
- Strong Start: ASX opens higher, driven by consumer staples and aviation sectors.
- Corporate Moves: Notable stock movements include (ASX:COL), (ASX:QAN), (ASX:RHC), and (ASX:IDP).
- Tech Sector Volatility: Nvidia’s earnings boost sentiment, but ASX tech stocks face pressure.
The Australian share market kicked off Thursday on a strong note, buoyed by impressive earnings from key players like (ASX:COL) and (ASX:QAN), along with a positive spillover from US markets following upbeat results from Nvidia. The S&P/ASX 200 gained 0.4%, climbing 31.3 points to 8272, while the All Ordinaries followed suit with a similar rise.
Coles Surges on Strong Earnings
(ASX:COL) made a significant impact in early trade, surging 5.4% after announcing an interim dividend of 37¢. The supermarket chain credited its robust earnings performance partly to the December industrial action at rival (ASX:WOW), which saw a 1% rebound after taking a hit in the previous session.
Qantas Lifts Market Sentiment
Aviation stocks took center stage as (ASX:QAN) advanced 4.3% after reporting a $1.4 billion interim profit. The airline opted to distribute a special dividend to shareholders rather than expanding its share buyback program. Additionally, Virgin Australia secured regulatory approval for Qatar Airways to acquire a 25% stake, further stirring interest in the sector.
Tech Stocks React to Nvidia’s Performance
In the US, (NASDAQ:NVDA) released better-than-expected Q4 earnings, including a record $39.3 billion revenue. This initially lifted global sentiment, but Nvidia’s 1.6% decline in after-hours trading led to a 0.4% dip in ASX technology stocks.
Notable Corporate Movers
- (ASX:APE) surged 24.3% after reporting a solid performance, despite a 25% profit decline.
- (ASX:RHC) soared 13.9% after appointing advisors for a potential sale of its 52.8% controlling stake in Santé.
- (ASX:IDP) tumbled 11.6% as earnings slumped 40% to $29.7 million, impacted by a slowdown in the international student market.
- (ASX:MPL) gained 9.1%, lifting its interim dividend to 7.8¢, despite forecasting slower policyholder growth in 2024.
- (ASX:ALX) climbed 3.6%, benefiting from a 7% rise in annual net profit, bolstered by increased toll revenues.
- (ASX:SXL) dipped 1.5% after agreeing to offload a television asset portfolio for $6.4 million.
- (ASX:PPM) surged 9.5%, as its mortgage book expanded to $10.2 billion following a 27% increase in new home loans.
- (ASX:TLX) slipped 1.7%, as news surfaced about a major shareholder looking to divest $120 million worth of shares.
The trading day reflected a mix of upbeat earnings and corporate developments, setting the tone for market sentiment moving forward.
