ASX Hits Record High as Westpac and Temple & Webster Surge
It’s been a landmark day for the Australian sharemarket, with the ASX 200 not just rising, but smashing through to a record high. The rally came after Australia’s latest jobs data showed a small but notable dip in the unemployment rate—from 4.3% in June down to 4.2% in July—right in line with what markets had expected. While this figure was welcomed, the real momentum today was driven by corporate earnings rather than economic data.
Financials led the charge, shaking off the heavy selling seen in the previous session. Westpac stole the spotlight, soaring 6.3% after unveiling a third-quarter net profit of $1.9 billion, up 14% from the previous period. This strong performance seemed to lift the sector overall, with National Australia Bank jumping 3.1% and ANZ gaining 2.6%. Commonwealth Bank, however, bucked the trend and slipped 0.7%.
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Other sectors also had their moment. Utilities were standout performers, with Origin Energy surging 4.7% thanks to a 26% boost in core net profit. Gains in its LNG business more than offset the softer results in energy retailing. Meanwhile, the healthcare technology space made headlines as Pro Medicus climbed 4% after posting a 40% jump in net profit to $115.2 million, driven by fresh contracts with U.S. hospitals and radiology groups.
Not all stories were positive. South32 sank 4.4% after revealing a $US372 million impairment on its Mozal aluminium smelter in Mozambique, alongside a warning that the facility could close in March without a new power deal. Telstra also took a hit, falling 2.8%, even though its annual profit jumped 31% to $2.34 billion and it announced a $1 billion share buyback. Investors seemed underwhelmed, as results largely met rather than beat expectations.
In retail and e-commerce, Temple & Webster delivered a standout result, with shares leaping 6.2% after the company reported a 21% jump in full-year revenue to $601 million and EBITDA of $18.8 million. Packaging group Orora also managed to rise 3.8% despite weaker numbers from its French glassmaker Saverglass acquisition. Suncorp impressed too, climbing 3% on a 52% lift in net profit to $1.8 billion, bolstered by the sale of its banking arm to ANZ.
By midday, the S&P/ASX 200 had added 66.4 points to sit at 8893.5, marking the fourth consecutive day of setting fresh intraday highs. Seven of the 11 sectors were in positive territory. It was a session that blended strong corporate results, selective sector rallies, and just enough positive economic news to keep sentiment high—helping the market break records once again.
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