Aussie shares up again, winning streak set to hit 10

[Pelican Press 0]

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Aussie shares up again, winning streak set to hit 10

The local share market at noon was on track to extend its winning streak to 10 days, after Federal Reserve minutes all but confirmed a US rate cut in September.

At midday AEST on Thursday, the benchmark S&P/ASX200 index was up 20 points, or 0.25 per cent, to 8,030.3, while the broader All Ordinaries had gained 26.7 points, or 0.32 per cent, to 8,260.7.

Minutes released overnight from the Federal Reserve rate-setting committee meeting in late July show several members favoured cutting rates at the time, and most would back a cut in September.

“The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the minutes said.

If anything the case for a rate cut has strengthened since the meeting, with US jobs data coming in weaker than expected.

There has been some chatter that the Fed might even cut rates by half a percentage point at its September 17-18 meeting, instead of a standard cut of a quarter of a percentage point.

At midday seven of the ASX’s 11 sectors were higher and four were lower.

Tech was the biggest mover, gaining 1.8 per cent as Wisetech Global climbed another 7.4 per cent to a fresh all-time high of $119.99, on top of its 18.4 per cent rise on Wednesday after a strong earnings report.

Megaport had plunged 21.7 per cent to a six-month low of $9.23 after the cloud connectivity company swung to its first-ever profit – $9.6 million, after losing $19.4 million the year before – but disappointed on its guidance for the current financial year.

Super Retail Group was up six per cent to an all-time high of $17.66 after the Supercheap Auto and Rebel Sports owner reported record full-year sales of $3.9 billion and a strong start to the current financial year.

“In a macroeconomic environment where cost-of-living pressures are dampening consumer spending, the delivery of top-line growth is a testimony to the strength of our four core brands and the resilience of the categories in which we operate,” chief executive Anthony Heraghty said.

Collins Foods was down 11.1 per cent to a more than one-year low of $7.84 after the KFC franchisee said that in the past four months, the impact of persistent inflation on the cost of sales, labour and energy had more than outweighed a small jump in sales.

Whitehaven Coal was up 4.7 per cent to a one-week high of $7.54 after the coalminer announced offtake agreements with three ********* steel giants and reported underlying 2023/24 earnings of $1.4 billion .

“While we have been growing the business, we have maintained focus on the NSW operations to deliver a solid financial result for FY24,” Whitehaven chief executive Paul Flynn said.

Also gaining on the back of earnings announcements were youth fashion retailer Universal Store (up 12.9 per cent); sports ******** platform Pointsbet Holdings (12.5 per cent); metal detector manufacturer Codan (8.4 per cent); property developer Stockland (3.3 per cent); and goldminer Northern Star (2.1 per cent).

Others losing ground after releasing earnings included financial services firm Insignia Financial (down 13.7 per cent); car dealership chain Eagers Automotive (2.8 per cent); and investment manager Centuria Capital (1.7 per cent).

The Big Four banks were mixed, with NAB up 0.4 per cent, CBA up 0.2 per cent and ANZ edging 0.1 per cent higher, while Westpac had dropped 0.4 per cent.

In the heavyweight mining sector, Fortescue had gained 1.8 per cent, while BHP had added 0.2 per cent and Rio Tinto had gained 0.4 per cent.

The *********** dollar was buying 67.29 US cents, from 67.44 US cents at Wednesday’s ASX close.

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