Australian shares saw a slight increase near midday AEDT, driven by gains in the mining and banking sectors, which counteracted a strong rebound in the technology sector. Conversely, Penfolds owner Treasury Wine Estates faced headwinds, leading to the axing of its dividend after reporting a substantial loss. CEO Sam Fischer is navigating a challenging, shrinking wine market where even the flagship Penfolds business has seen falling profits.
In company-specific news, A2 Milk experienced a surge following an upbeat outlook. BlueScope more than doubled its dividend, while Ansell maintained its guidance. JB Hi-Fi reported increased sales, contributing to positive market sentiment. Bendigo Bank shares saw a drop despite the broader market gains, reflecting varied performance across different sectors.
Macquarie Group has sealed an $11.7 billion purchase of logistics group Qube, a move that will result in the ASX losing a major infrastructure stock. Qube’s board approved the sale to the bidding group. In other news, the ACCC has challenged Coles’ jingle, deeming it “not fair dinkum” as a Federal Court hearing commences. Coles Group Limited is an Australian retailer operating several supermarket chains, department stores and other retail outlets.
