The Australian sharemarket commenced trading at a record high on Thursday, spurred by ANZ’s impressive $1.94 billion cash profit for the December quarter. The S&P/ASX 200 Index climbed 40 points, or 0.4 per cent, reaching 9054.80 at 10.13am AEDT, after hitting an all-time high of 9062.30, surpassing its previous record of 9054.80. Five of the eleven sectors experienced gains in early trading.
ANZ shares surged 7.4 per cent in the opening minutes following the profit announcement, which exceeded market expectations by 8 per cent. Cost-cutting measures contributed to the bank’s strong performance, with profits up 17 per cent compared to the average of the two preceding quarters. According to Citi analyst Thomas Strong, ANZ’s positive trading update and progress on costs were expected to be well-received, signaling broader improvement across the sector. ANZ is one of Australia’s largest banks, offering a range of financial services including retail, commercial, and institutional banking.
Other major banks also saw gains, with Commonwealth Bank rising 1.1 per cent after a strong session on Wednesday, Westpac adding 2 per cent, and National Australia Bank increasing by 0.4 per cent. Origin Energy boosted the utilities sector with a 5.7 per cent rise after upgrading its core EBITDA forecast. However, not all companies fared well. AMP shares tumbled 25.8 per cent following an 11.3 per cent drop in full-year net profit. Temple & Webster, an online retailer of homewares and furniture, experienced a 23.6 per cent plunge after a 36 per cent slump in net profit after tax.
Pro Medicus dived 15 per cent as reported a first-half profit of $171.2 million, up 230.9 per cent. South32 gained 4.7 per cent, reporting a half-year underlying net profit of $US464 million. Elsewhere, Lendlease edged up 0.2 per cent after CEO Tony Lombardo announced his departure in August. Breville fell 6 per cent despite a 2.9 per cent increase in earnings before interest, taxes, depreciation, and amortisation.
