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Highlights
The aviation sector received a boost after Qantas Airways (ASX:QAN) reported robust full-year financial results, sending its shares to a fresh all-time high. The carrier posted what it described as its second-strongest profit on record, driven by resilient demand for domestic and international travel.
Despite peaking earlier in the session, the stock retained gains by mid-afternoon following the announcement of both a final and special dividend.
Broader ASX 200 index sees mixed sectoral movements
The ASX 200 index hovered near the flatline, with losses in energy and technology names offsetting modest gains in industrial and retail segments.
Energy shares lost ground as global oil prices pulled back. Woodside Energy and Santos each slipped during the session. Technology names also faced downward pressure, mirroring a cautious global tech trade.
Miners trade unevenly as earnings and outlooks diverge
The materials sector experienced varied performances. While Fortescue Metals gained following recent declines, major players like BHP Group and Rio Tinto moved lower. Mineral Resources came under notable pressure after posting a substantial loss.
Rare earths producer Lynas Rare Earths announced a significant drop in full-year profit, weighed by higher depreciation and challenging pricing conditions. The company also unveiled an equity raising to support future expansion, amid ongoing discussions with US authorities regarding a proposed processing facility in Texas.
Financials and retail names lend support to the benchmark
Financial stocks delivered mild gains, led by National Australia Bank, Commonwealth Bank, and Westpac. However, Bank of Queensland shares weakened after the company withdrew forward-looking performance metrics and flagged subdued earnings expectations for the upcoming full-year results.
Retail conglomerate Wesfarmers saw limited movement after posting an uptick in annual revenue across its Bunnings, Kmart, and Officeworks businesses.
Healthcare and fund managers under pressure
Healthcare stocks declined following earnings announcements. Ramsay Health Care registered a sharp fall, following weaker performance across its Australian and UK operations. Medibank also traded lower despite improved profit, as lower policyholder growth figures weighed on sentiment.
Perpetual shares edged down after reporting a dip in underlying profit and a statutory loss tied to strategic initiatives.
Wall Street cues show cautious optimism
Overnight, major US indices reached record territory ahead of an anticipated update from chipmaker Nvidia. Despite strong historical momentum, Nvidia's revenue forecast signalled moderation in artificial intelligence-related investment, sparking a mild pullback in its after-hours trading.
Broader US markets closed higher, buoyed by gains in technology and industrial sectors, while communication services showed weakness.
