Bendigo Bank unveils profit jump: ASX is up 0.4% at noon

Market Reports

by Lauren Evans

The Aussie sharemarket was up and down this morning, as energy stocks soared amid tensions between Russia and Ukraine. Banks are lifting as the earning season continues, with results from Bendigo and Adelaide Bank (ASX:BEN) leading the major banks higher.

Half-year results from Bendigo and Adelaide Bank (ASX:BEN) showed its net profit rose while its net interest margin fell for the 6 months ending December last year. Despite this, the nation’s fifth largest bank is set to reward shareholders with a dividend. The bank’s net profit jumped 31.7 per cent to $321.1 million while its net interest margin declined 14 basis points to 2.09 per cent. The group has flagged lower revenue for the second half. Shares are up 3.8 per cent to $9.61.

Beach Energy (ASX:BPT) has soared 7.4 per cent to $1.59, Santos (ASX:STO) has added 4.3 per cent to $7.74 and Woodside Petroleum (ASX:WPL) is trading 3.74 per cent higher at $27.46.

Gold stocks have rallied, led by Evolution Mining (ASX:EVN) rising 9 per cent to $4.00, followed by Northern Star (ASX:NST) up 8 per cent to $9.18 and Newcrest Mining (ASX:NCM) trading 5.4 per cent higher at $23.94.

Westpac (ASX:WBC) is leading major banks higher, up 3.6 per cent to $23.61. Commonwealth (ASX:CBA) has added 1.7 per cent to $100.20, National Australia Bank (ASX:NAB) has risen 1.5 per cent to $30.29, ANZ Banking Group (ASX:ANZ) is up 0.8 per cent to $28.05 and Macquarie Group (ASX:MQG) is trading 0.1 per cent higher at $193.50.

Among the heavyweight miners, Fortescue Metals (ASX:FMG) is down 1.1 per cent at $22.59, followed by mild losses from BHP (ASX:BHP) easing 0.3 per cent at $48.74, then Rio Tinto (ASX:RIO), flat at $122.26.

Elsewhere, JB Hi-Fi (ASX:JBH) has unveiled a $250 million off market buyback after posting weaker overall sales for the half year ending December last year. The electronics retail giant posted a 1.6 per cent fall in sales to $4.9 billion despite soaring online sales, while net profit fell 9.4 per cent to $287.9 million. The company declared a reduced interim dividend of $1.63 a share compared to $1.80 last year. On a brighter note, the company is off to a strong second half with elevated demand across all their sales channels. Shares are up 4.6 per cent to $51.29.

Boral (ASX:BLD) posted revenue growth despite construction shutdowns and wet weather over the period. For the first half of this financial year, sales revenue rose 1 per cent from continuing operations of $1.5 billion, while earnings before interest and tax, excluding property fell 23 per cent to $78 million. Boral expects revenue in the second half to be higher than the first half, reflecting a national price increase to offset energy costs, while supply chain constraints and labour shortages are expected to continue. Shares are down 0.9 per cent to $3.79.

At noon, the S&P/ASX 200 is 0.4 per cent or 25.5 points higher at 7242.8.

The SPI futures are pointing to a rise of 26 points.

Best and worst performers

The best-performing sector is Energy, up 3.3 per cent. The worst-performing sector is Health Care, down 1.2 per cent.

The best-performing stock in the S&P/ASX 200 is Regis Resources (ASX:RRL), trading 10.33 per cent higher at $2.03. It is followed by shares in Evolution Mining (ASX:EVN) and Northern Star Resources (ASX:NST).

The worst-performing stock in the S&P/ASX 200 is Novonix (ASX:NVX), trading 8.29 per cent lower at $5.97. It is followed by shares in Imugene (ASX:IMU) and Liontown Resources (ASX:LTR).

Commodities and the dollar

Gold is trading at US$1857.57 an ounce.
Iron ore is 2.3 per cent lower at US$150.15 a ton.
Iron ore futures are pointing to a fall of 6.1 per cent.
One Australian dollar is buying 71.36 US cents. 

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