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Headlines:
The Australian sharemarket is expected to open higher on Monday, with the S&P/ASX 200 futures indicating a 0.8% gain, following a strong performance on Wall Street.
Major ASX companies like JB Hi-Fi (ASX:JBH), Aurizon (ASX:AZJ), and CAR Group (ASX:CAR) are in focus as they report earnings and announce strategic actions, including dividends and buybacks.
BHP (ASX:BHP) and Rio Tinto (ASX:RIO) face union pressures under new industrial relations laws, signaling a potential shift in the industry’s labor dynamics.
The Australian sharemarket is poised for a positive start on Monday, with futures on the S&P/ASX 200 indicating a 0.8% gain. This follows a 1.3% rally in the last session, although the index remains 2% down for the week after recent declines.
On Friday, Wall Street saw a rebound, with the S&P 500 and Nasdaq both up 0.5%, while the Dow Jones inched up 0.1%. However, the ASX's recovery could face challenges as earnings reports from major companies are released, revealing the impact of consumer spending constraints and higher financing costs.
Matt Wacher, Chief Investment Officer at Morningstar for the Asia Pacific, commented, "It will be interesting to see what companies are telling us and how this feeds into what appears to have been a slowing macroeconomic picture. Anything that points to further cooling in the economy will support the Reserve Bank's decision to leave rates on hold last week."
Stocks to Watch
- CAR Group (ASX:CAR) reported a 41% increase in revenue to $1.1 billion for FY24, with a net profit of $250 million, down from $646 million a year earlier.
- JB Hi-Fi (ASX:JBH) announced the acquisition of kitchen, laundry, and bathroom products businesses, E & S Trading Co, while also flagging a special dividend of 80¢ per share for investors.
- Aurizon (ASX:AZJ) revealed plans to buy back up to $150 million of shares after reporting a 25% rise in annual net profit to $406 million, driven by increased coal haulage volumes and revenue growth of 9% to $3.8 billion.
- Beach Energy (ASX:BPT) reported a full-year net loss of $475.3 million, following significant writedowns on oil and gas fields in southern Australia and New Zealand, compared to a net profit of $400.8 million in FY23.
- BHP (ASX:BHP) and Rio Tinto (ASX:RIO) are facing union pressures, with BHP being forced to negotiate under new industrial relations laws, marking a significant development in the unionization of the industry.
