The Australian market was up by as much as two-thirds of one percent in early trade, but finished on a more modest note, with the ASX 200 rising 0.3 per cent or 22.5 points higher to 7203.3. Ten (of 11) sectors gained ground. Information Technology was the best performing sector, whilst Financials supported the index most, rising 1.4 per cent, after being helped by a rally in the big 4 banks. Miners took a hit after the price of iron ore and gold declined overnight, weighing on large-cap miners like BHP Group (BHP), Fortescue Metals (FMG) and Rio Tinto (RIO).
In company news, Bendigo and Adelaide Bank (BEN) announced an update on its trading and outlook for FY23. BEN said that its cash earnings post tax so far this year was up 22 per cent from the prior corresponding period. BEN’s net interest margin was 2.3 per cent, and its return on equity in FY22 so far is 8.82 per cent, up 110 percentage points compared to FY22. BEN also announced expectations of a terminal cash rate between 3.5-4 per cent in FY23, and expects its net interest margin to benefit from continued tailwinds in FY22. BEN rose 6.9 per cent to be the best performer of the day.
Casino operator, Star Entertainment Group (SGR) stated that ASIC has ‘indicated it will commence civil penalty proceedings in the Federal Court’ against ‘current and former directors, and past executives of The Star’. The Star and its subsidiaries are not parties to the proceedings. SGR dropped 0.4 per cent.
Biopharmaceutical manufacturer CSL (CSL) announced a leadership change. The Board stated that the current CEO, Mr Paul Perreault, advised of his ‘intention to retire’. He will be replaced by the current COO, Dr Paul McKenzie, from 6 March 2023, and will ‘remain with the company as a strategic advisor’ until 6 September 2023. CSL closed 0.4 per cent lower.
Payment solutions provider Tyro Payments (TYR), which was the worst performer yesterday (All Ords) after falling 19.5 per cent, finished 14.6 per cent higher, marking itself as today’s strongest performer in the All Ords, despite no formal announcement being released.
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Base metal explorer Chalice mining (CHN) announced delays to the ‘Julimar Nickel-Copper-Platinum Group Element Project’ scoping study that was ‘originally scheduled for release in late 2022’. It said that the study ‘should be extended’ to allow for metallurgical test work to be incorporated. CHN fell 8.1 per cent to be the worst performer of the day in the ASX 200.
Ahead: In the US, the Consumer Price Index (CPI) is scheduled with the NFIB Small Business Optimism Index.
Today, 2.9bn shares were traded, worth $6.7bn. 631 stocks rose, 639 fell & 462 finished unchanged.
Originally published by CommSec