The Australian sharemarket spiked in the final 30 minutes of trade, pushing the ASX 200 35.1pts or 0.52 per cent higher to 6794.3. Gains in the Tech (3.15 per cent climb) and the Financials sector (0.97 per cent) offset losses in the resources sector. The Energy sector shed 2.83 per cent – worst day in ~2½ weeks after a fall in the oil price overnight, and the Materials sector’s 0.1 per cent decline also weighed on the index.
In company news, Woodside Energy (WDS) posted its first quarterly update after its merger with BHP’s (BHP) petroleum assets. The energy producer said that its revenue increased by 43.6 per cent over the quarter (159.1 per cent over the year) to $3,438 million. This was driven by a 60 per cent quarterly lift (49 per cent annual increase) in its production, as well as an average realised price of $95 per barrel – up 107 per cent over the year. WDS expects to produce around 63 per cent more oil (145-153 MMboe) than it did in 2021.WDS shares pulled back 4.4 per cent today but are still up 42 per cent since the start of this calendar year.
Gold miner Newcrest Mining (NCM) released a quarterly update. NCM says that its gold production increased by 31 per cent over the quarter to 637koz, and still met its annual gold production guidance despite being 6.6 per cent lower than the previous corresponding period. Its full-financial-year copper production however was below its guidance and decreased by 15.5 per cent over the year to 121kt. NCM attributes its decreased annual copper production to ‘lower mill throughput’. Cost-wise, the gold miner’s all-in sustaining costs fell by 9.6 per cent over the quarter to $896 per ounce. NCM shares finished 1.63 per cent higher but are still down 20.96 per cent this year so far.
Zip Co (ZIP) posted a 27 per cent quarterly lift in revenue to $160.1m, a 20 per cent increase in its transaction volumes, and a 64 per cent jump in its customer numbers to ~12 million. ZIP holds $278.6 million in cash, which it expects is “sufficient” to help it reach cash EBITDA profitability. Despite recording an increase in its Australian net bad debts, its shares finished 16.5 per cent higher.
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Shares of Australia and New Zealand (ANZ) resumed trade after entering into a trading halt earlier this week to raise $3.5 billion from the market to help pay for its $4.9 billion acquisition of Suncorp Bank. ANZ shares were up by as much as 4.1 per cent in early trade, and even dipped into negative territory before settling on an 2.15 per cent gain.
3.3bn shares were traded, worth $8.4bn. 885 stocks rose, 458 fell & 399 finished unchanged.
In the US, the leading index is released with initial jobless claims and the Philadelphia Fed manufacturing index. The European Central Bank is set to hold its monthly policy meeting tonight and is widely expected by the market to lift interest rates for the first time in 11 years.
Published by CommSec