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Highlights
Qantas (ASX:QAN) rallies after posting strong annual profit and dividend declaration
Energy, gold, and healthcare stocks retreat, weighing on the broader index
ASX200 edges lower amid results-heavy trading day with mixed sectoral moves
The aviation sector lifted on Thursday as Qantas Airways (ASX:QAN) surged following the release of its latest full-year results. The airline, part of the ASX 200, reported its second-highest annual profit on record, driving its shares to an intraday high before easing by midday.
In addition to the earnings update, Qantas announced a final dividend along with a special distribution to shareholders. Robust travel demand and operational efficiency were highlighted as key contributors to the performance. The market responded positively in early trade, positioning Qantas as one of the top gainers across the benchmark.
Energy and tech drag despite early optimism
Initial gains on the benchmark index gave way to muted movement by midday, led by losses across several sectors. Energy companies saw declines as oil prices softened, with names like Woodside Energy and Santos posting losses after early session activity.
Technology stocks also contributed to the downtrend, extending broader concerns tied to global tech valuations and performance. The retreat in these sectors offset the uplift provided by the stronger industrial and retail segments.
Mixed performance across mining and healthcare
Mining stocks painted a mixed picture. Fortescue Metals posted gains after consecutive sessions of underperformance, while BHP and Rio Tinto moved lower. Mineral Resources declined significantly after announcing a substantial financial loss for the fiscal year, weighed down by impairments and one-off costs.
Lynas Rare Earths highlighted challenges in the rare earth sector, reporting a steep decline in annual profit. The company also flagged ongoing discussions with the US government regarding its processing plant in Texas, alongside launching a large equity raising initiative to support growth ambitions.
Healthcare stocks faced steep losses. Medibank Private declined following its full-year result despite reporting higher net profit. Market focus centred on policyholder growth rates, which trailed industry averages. Ramsay Health also tumbled sharply, after revealing subdued earnings performance across its Australian and UK divisions.
Financials advance while retail offers stability
The financial sector remained a source of stability in the trading session. Major banks including NAB, Commonwealth Bank, and Westpac posted gains, lifting the broader financials segment. ANZ remained in focus following internal communication issues that inadvertently revealed employee redundancy details.
Retail stocks also posted modest strength. Wesfarmers experienced a small decline after its earnings update, despite reporting sales growth across core units including Bunnings and Kmart. Meanwhile, Perpetual edged lower as it reported a statutory loss tied to strategic expenses and non-cash impairments.
Global sentiment remains cautious
Offshore sentiment provided limited support. On Wall Street, modest gains lifted the S&P 500 and other major indices. However, Nvidia shares declined in after-hours trade following the release of a revenue outlook that fell short of some market expectations. The company cited pressure on AI-related data centre revenue from regulatory and geopolitical headwinds.
Locally, the subdued momentum on the ASX 200 was driven by a combination of domestic earnings updates and cautious global signals, reflecting a day of wide divergence between sectors.
