AIRLINK 175.65 Decreased By ▼ -1.91 (-1.08%)
BOP 11.01 Decreased By ▼ -0.04 (-0.36%)
CNERGY 8.33 Increased By ▲ 0.16 (1.96%)
FCCL 47.10 Decreased By ▼ -0.22 (-0.46%)
FFL 16.02 Decreased By ▼ -0.10 (-0.62%)
FLYNG 27.02 Decreased By ▼ -0.33 (-1.21%)
HUBC 142.45 Decreased By ▼ -4.46 (-3.04%)
HUMNL 13.37 Decreased By ▼ -0.14 (-1.04%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 5.91 No Change ▼ 0.00 (0%)
MLCF 61.50 Decreased By ▼ -0.52 (-0.84%)
OGDC 226.31 Decreased By ▼ -8.37 (-3.57%)
PACE 5.80 No Change ▼ 0.00 (0%)
PAEL 44.79 Decreased By ▼ -1.62 (-3.49%)
PIAHCLA 17.93 Decreased By ▼ -0.19 (-1.05%)
PIBTL 10.45 Decreased By ▼ -0.12 (-1.14%)
POWER 12.10 Increased By ▲ 0.11 (0.92%)
PPL 185.99 Decreased By ▼ -5.81 (-3.03%)
PRL 37.25 Decreased By ▼ -0.07 (-0.19%)
PTC 24.14 Increased By ▲ 0.94 (4.05%)
SEARL 99.95 Decreased By ▼ -0.94 (-0.93%)
SSGC 38.40 Decreased By ▼ -1.31 (-3.3%)
SYM 14.89 Decreased By ▼ -0.14 (-0.93%)
TELE 7.75 Decreased By ▼ -0.09 (-1.15%)
TPLP 11.10 Decreased By ▼ -0.01 (-0.09%)
TRG 66.00 Decreased By ▼ -1.29 (-1.92%)
WAVESAPP 11.00 Decreased By ▼ -0.35 (-3.08%)
WTL 1.36 No Change ▼ 0.00 (0%)
YOUW 3.82 Increased By ▲ 0.05 (1.33%)
BR100 12,826 Increased By 19.4 (0.15%)
BR30 38,861 Decreased By -842.2 (-2.12%)
KSE100 118,792 Decreased By -146.5 (-0.12%)
KSE30 36,779 Increased By 22.6 (0.06%)

Australian shares ended higher on Wednesday, buoyed by better-than-expected corporate earnings from top firms such as the Commonwealth Bank of Australia and energy producer AGL Energy, while mining stocks fell on disappointing China data.

The S&P/ASX 200 index closed 0.3% higher to 7,850.7 points.

Commonwealth Bank of Australia’s full-year profit fell less than analysts feared due to lower provisions for bad debts. The company also upped its final dividend.

CBA’s shares ended 1.3% in the green, helping push the heavyweight financial index about 0.5% higher. The sectoral index marked its fifth straight session of rallying and was the top boost for the benchmark for the day.

Top Australian energy producer AGL Energy closed 2.3% higher after it reported a three-fold rise in annual profit.

Miners fell for the day, closing 2.1% lower to hit their lowest level since November 4, 2022, as iron ore futures fell on disappointing credit data from top consumer China.

Australian shares struggle for direction; CSL falls over 3% on weak forecast

Mining giant BHP Group fell about 2.8%, while Rio Tinto declined 2.6%.

Globally, investor hopes rekindled after U.S economic data signalled slowing inflation, with markets now anticipating that the Federal Reserve will start its easing cycle in September.

“Australian markets will continue to be guided by U.S. economic inflation-related data in the short term until we see a decisive turn in the U.S. interest rate cycle,” said Andrew Tang, an analyst at Morgans Financial.

Among other stocks, industrial services provider Seven Group rose about 6.8%, recording its best day since May 2020, after posting a 30% jump in full-year profit.

Healthcare informatics firm Pro Medicus jumped 7.2% to log its best day in nearly a year on a 36.5% rise in annual profit.

New Zealand’s benchmark S&P/NZX 50 index rose 2.1% to finish the session at 12,572.53 points, highest since January 2022, after the country’s central bank cut its benchmark cash rate for the first time since March 2020.

Comments

Comments are closed.