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The ASX experienced a quiet Friday managing to firm into the close ending the week at another all-time high. But again, there was still plenty if volatility on the stock level as we approach the end of reporting season.
- The ASX200 added +5pts/+0.12% to close at 9175
- Utilities (+1.41%), Communications (+1.28%), and Materials (+1.00%) led the line.
- Consumer Staples (-2.69%), Tech (-0.3%), and the Financials (-0.24%) weighed.
- Block (XYZ) +27.8% after slashing nearly half of its staff in a big AI bet, sounds like WiseTech a few days later.
- Lynas (LYC) +10.1% was another strong performer after it posted a higher profit on strong rare earth demand.
- Capricorn Metals (CMM) +5.1% after posting higher underlying earnings leading a strong end to the week from the gold miners.
- PEXA Group (PXA) +4.7% after the Australian property exchange 1H EBITDA beat analyst expectations.
- Coles Group (COL) -7.4% fell the most since 2020 after its profit fell by 11% in the first half.
- Harvey Norman (HVN) -9% after its 1H revenue missed expectations.
- Worley Ltd (WOR) -3.2% as downgrades followed yesterday’s disappointing 1H.
- Liontown Resources (LTR) -6.1% on follow through selling after LG Energy’s sell down on Thursday.
- Gold prices were slightly higher ~$US2/oz during our time zone, trading around $US5,190/oz.
- Iron ore was marginally higher at $US99.10/mt.
- Asian markets were mixed, with China down -0.2% while Hong Kong advanced +0.7% and Japan’s Nikkei closed flat.
- US futures are trading lower with the S&P 500 down ~0.3%.
