The Australian sharemarket reached a new record high on Thursday, extending its winning streak as investors absorbed a busy day of corporate earnings releases. The S&P/ASX 200 Index climbed 84.80 points, or 0.9 per cent, to 9091.80 after reaching an intraday high of 9118.30. Despite unemployment holding steady at 4.1 per cent, which exceeded expectations, the market focused primarily on strong earnings reports and rising oil prices. Bond traders are anticipating another interest rate increase from the Reserve Bank in June.
Energy stocks surged following a rally in oil prices driven by reports of potential US-Iran military conflict. Woodside Energy increased by 3.7 per cent, Santos by 4.9 per cent, and Beach Energy by 2.3 per cent. Whitehaven Coal was an exception, reporting a $19 million underlying loss due to lower coal prices, causing its shares to fall by 4.9 per cent. Financials also experienced a rally, with Westpac, ANZ, National Australia Bank, and Commonwealth Bank rising 3 per cent, 2.8 per cent, 2.4 per cent, and 1.1 per cent, respectively. Medibank Private, an insurer providing private health insurance, saw its shares decline by 5.7 per cent as its underlying profit of $298 million missed expectations.
Materials stocks rebounded, led by BHP, which rose 2.3 per cent, and Rio Tinto, which increased by 1.7 per cent. Wesfarmers, a diversified conglomerate operating in retail, chemicals, and industrial products, impacted the consumer discretionary sector, falling 4.1 per cent due to concerns about its second-half outlook. Lovisa also saw a significant drop of 11.6 per cent as its statutory results fell short of expectations. Hub24, a wealth management platform provider, surged 12.2 per cent after reporting a profit of $68 million, up 60 per cent year-on-year.
Other significant movements included a 38.3 per cent crash for Zip, a 13 per cent rally for Sonic Healthcare, and a 5 per cent gain for Telstra after the telco increased its share buyback and reported a rise in interim net profit. IPH advanced 15.1 per cent, while Lifestyle Communities dived 9.1 per cent. NRW Holdings, a civil and mining contractor, rocketed 8.5 per cent after upgrading its full-year earnings guidance.
