The Aussie sharemarket lifted today, rebounding from yesterday’s rather steep 2 per cent decline, with the ASX 200 rising 0.47 per cent or 32.8 points to 6998.3. Ten sectors (of 11) posted improvements, with the Technology sector (up 1.8 per cent) climbing the most. The Energy sector (up 1.4 per cent) also rose, helped partly by an improvement in the oil price overnight. The Big 4 banks rallied, lifting the broader Financials sector by 0.5 per cent.
Despite the mining sector finishing on a flat note (down 0.04 per cent), uranium miners such as Paladin Energy (PDN) and Boss Energy (BOE) rose by 5.4 per cent and 5 per cent, respectively.
Their rally was in part fuelled by Tesla CEO Elon Musk voicing his support for nuclear power plants at an energy conference in Norway yesterday.
In company news, Woodside Energy (WDS), the largest energy company on the Aussie market, released its interim results today. It more than doubled its operating revenue to US$5.8 billion, and increased its underlying profits by 414 per cent to US$1.8 billion. It also declared a US$1.09 per-share dividend – its largest since 2014 (FY21 interim dividend: US30 cents-per-share). WDS climbed 1.5 per cent and is up by 64 per cent so far this year.
In its annual results, Link Administration (LNK) posted a 1.3 per cent increase in its revenues to $1.18 billion, but a statutory loss of $67.6 million (prev: $162.7 million loss). LNK has also reaffirmed its FY23 guidance – ‘low single digit percentage’ growth in its revenues, and a ’10-12 per cent’ increase in its operating EBIT. Shares finished 0.7 per cent higher.
Bubs Australia (BUB), an infant milk formula producer, slipped 5 per cent after announcing its annual results. It improved its earnings and margins, and more than doubled its revenues to $104.2 million. BUB received permission to export its infant formula to the US in late May, and mentioned in its outlook, its aim to obtain permanent regulatory approval to sell their products in the US.
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In economic news, the ANZ Roy-Morgan Consumer Confidence index was issued. It softened slightly over the week, falling by 0.7 per cent to 85 points, snapping two straight weeks of gains. The drop in consumer spending intentions was a key weight on the index.
3.9bn shares were traded, worth $7.3bn. 812 stocks rose, 554 fell & 429 finished unchanged.
In the US tonight, the JOLTs job openings data is released with home prices and consumer confidence.
Originally published by Divik Nigam – (Author), CommSec
