Results from Macquarie & ANZ: ASX 0.11% higher

Market Reports

by Peter Milios

At noon, the S&P/ASX 200 is 0.11 per cent higher at 7,200.80.

Macquarie Group (ASX:MQG) reported a record profit of $5.18 billion for the year ending March 31, up 10 per cent from the previous year, driven by volatility in interest rates and commodities, particularly offshore. The bank's dividend payout for the year reached a record high of $7.50 per share, up from $6.22 in the previous year.

ANZ Bank (ASX:ANZ) announced a 12 per cent rise in cash earnings for the six months to March, reporting a cash profit of $3,821 million and a 12.5 per cent increase in interim dividend to 83 cents a share, despite concerns over its net interest margin.

Apple (NASDAQ:AAPL) exceeded Wall Street expectations for its March quarter results, reporting a net income of $24.16 billion and a revenue of $94.98 billion, while setting an all-time record for services revenue at $20.97 billion, and despite an overall 3 per cent revenue decline from the previous year, shares rose by 1.9 per cent in after-hours trading as it managed to sell more iPhones than expected and announced a 4 per cent increase in dividends to 24 US cents a share, along with a $90 billion buyback for 2023.

The SPI futures are pointing to a rise of 4 points.

Best and worst performers

The best-performing sector is REITs, up 1.28 per cent. The worst-performing sector is Information Technology, down 0.42 per cent.

The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 4.14 per cent higher at $4.405. It is followed by shares in Liontown Resources (ASX:LTR) and Newcrest Mining (ASX:NCM).

The worst-performing large cap is Whitehaven Coal (ASX:WHC), trading 3.14 per cent lower at $6.79. It is followed by shares in BlueScope Steel (ASX:BSL) and ResMed (ASX:RMD).

Asian news

Asia-Pacific markets were mixed as banking fears were reignited on Wall Street, sending the three major U.S. indexes into a four day losing streak. Regional bank shares sold off, with the SPDR S&P Regional Bank ETF (KRE) dropping more than 5 per cent and some banks seeing volatile trading.

Hong Kong’s Hang Seng index rose 1.04 per cent, leading gains in the region. In mainland China, the Shanghai Composite rose marginally by 0.13 per cent and the Shenzhen Component fell 0.4 per cent.

China’s Caixin services purchasing managers index for April slipped to 56.4 from March’s reading of 57.8 but remained in expansion while the Caixin manufacturing PMI fell into contraction territory. Markets in Japan and South Korea were closed for a holiday.

Company news

Splitit Payments (ASX:SPT, OTCQX:SPTTY), announces it has signed a new two-year partnership agreement with Visa. Through this collaboration, participating acquirers and merchants gain access to a Buy Now Pay Later payment option offering a single point of integration for credit card instalments. Splitit CEO and MD, Nandan Sheth said, “By providing consumers with an optimised, simplified instalment experience, merchants can enjoy improved sales conversion and increased order size.” Shares are trading 13 per cent higher at 13 cents.

ImpediMed Limited (ASX:IPD) announced the clearance of SOZO Pro, the company’s next BIS system, by the U.S. FDA. MD and CEO, Richard Valencia commented, “[the deal] offers several new features which will improve clinical workflow and expand SOZO testing to more patients.” Shares are trading 2.78 per cent lower at 17.5 cents.

Magnetite Mines (ASX:MGT) announced the signing of a MOU with the District Council of Peterborough in support of the Razorback Iron Ore Project. Magnetite Mines CEO Tim Dobson commented: “Magnetite Mines is determined to role model sustainability leadership through all phases of the Razorback Project and this unique MOU is an example of that commitment.” Shares are trading flat at 57 cents.

Commodities and the dollar

Gold is trading at US$2060.40 an ounce.
Iron ore is 2.0 per cent lower at US$104.05 a tonne.
Iron ore futures are pointing to a 3.6 per cent fall.
One Australian dollar is buying 67.09 US cents.

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