Australian shares linger around record high; AMP slumps 28%

Australian shares rose on Thursday with financials and commodity stocks leading gains in an earnings-heavy session, while money manager AMP plunged as much as 28% after posting its annual results.

The S&P/ASX 200 index rose 0.4% to 9,049.80 by 2333 GMT, 65.4 points shy of its record high level.

The benchmark ended 1.7% higher on Wednesday at its strongest close since late October.

In a swirl of corporate earnings, AMP, among Australia’s oldest money managers, dropped to its lowest level since early July after it posted in-line annual profit, but lower-than-expected contributions from its key platforms and superannuation divisions.

The stock was set for its worst day since early April 2003 and was the top drag on the benchmark and on the financials sub-index, which was up as much 1.6% at a three-month high.

Insurance Australia Group fell as much as 6.5% and was also among the top laggards on the sub-index after its first-half cash earnings slipped but beat estimates.

On the contrary, ANZ Group surged to its record high level and was the top gainer on the sub-index after posting a 17% jump in its first-quarter cash profit.

Miners gained for a fourth consecutive session, with South32 and Northern Star Resources leading gains on the sub-index. South32 rose as much as 5.4% to its highest level since early June 2022 after its first-half profit beat estimates.

Gold stocks traded higher for a fourth consecutive session, rising as much as 0.6% on strong bullion prices.

Energy stocks advanced as much as 1.2% as oil prices gained 1%. Origin Energy rose as much as 8% to a two-week high after it beat first-half profit estimates.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.1% to 13,520.16.