Evening markets report Thursday

The local market lifted for a fourth straight day – its longest streak in 1½ months – and finished near monthly highs, with the ASX 200 rising 34.2 points or 0.5 per cent to 6845.1. Eight sectors (of 11) and 67.5 per cent of stocks in the ASX 200 gained ground. Gold miners Ramelius Resources (RMS), Regis Resources (RRL), Sandfire Resources (SFR) and St Barbara (SBM) were amongst the best performers today, lifting by at least 6.1 per cent. This helped the broader Materials sector climb 1.7 per cent. It was beaten only by the Energy sector, which rose 2.4 per cent, helped
largely by a 3 per cent rally in the oil price overnight.

ANZ Group (ANZ) today was down by as much as 6.5 per cent today, but recovered some of its losses to finish 3.3 per cent lower. The bank released its full-year results today, noting a 5 per cent lift in its cash profit to $6.5 billion, and an improvement in its net interest margin (NIM). It also declared a 74 cents-per-share final dividend. But despite the ‘environment’ continuing to ‘be supportive for margins in the first half’, management warned that ‘any change’
from its September 1.8 per cent NIM is ‘likely to be more modest’.

Fortescue Metals (FMG) fell 0.4 per cent on the back of a mixed quarterly update it released this morning. The iron ore miner noted, in comparison to the prior corresponding period, a decrease in the amount of iron ore it mined, but a 4 per cent increase in its shipments, and a 16 per cent increase in its C1 costs. FMG however left its FY23 shipments and C1 cost guidance unchanged.

JB Hi-Fi (JBH), in its annual general meeting presentation, announced an update on its performance for the first quarter of FY23. JBH says that sales in its Australian division, New Zealand division, and The Good Guys grew by 14.6 per cent, 27.7 per cent and 12.3 per cent, respectively. JBH shares advanced by 0.4 per cent today – its fourth consecutive day of gains.

Super Retail (SUL), the operator of BCF and rebel sports, released a trading update today and rose for the fourth straight day. SUL recorded like-for-like sales improvements across all its divisions for first 16 weeks of FY23. The retailer however expects the ‘increased cost of living expenses’ to partly ‘impact consumer spending’.

Core lithium (CXO) says that the termination date for its product purchase agreement with Tesla passed on 26 October, ‘without the agreement being completed’. CXO shares today fell by 5.2 per cent, wiping almost all of its week-to-date gains.

Lynas Resources (LYC) rose 5.6 per cent despite recording quarterly declines across its revenues, mineral production levels and sales receipts. LYC says that water supply issues resulted in a ‘very frustrating performance’, but have since normalised.

The US earnings season continues tonight with Amazon and Apple expected to release earnings updates.

Today, 3.2bn shares were traded, worth $7.1bn. 729 stocks rose, 620 fell & 430 finished unchanged.

Originally published by Divik Nigam – (Author), CommSec