The Australian sharemarket has jumped the most in almost two weeks at the open on Thursday as investors jumped back into materials amid a bounce in gold prices and concerns eased about stretched valuations on Wall Street.
The S&P/ASX 200 index rose 44.50 points, or by 0.5 per cent, to 8846.50 at 10.12am AEDT, with all sectors bar financials making ground.
Financials were weighed by National Australia Bank, which fell 1.6 per cent after missing analyst forecasts with cash earnings at $7.09 billion, down 0.2 per cent compared to the 2024 financial year, and net profit down 2.9 per cent. Westpac dropped 1.7 per cent, while ANZ and Commonwealth Bank lifted by about 0.5 per cent. AMP edged up 0.1 per cent following confirmation that it would redeem all $275 million of its AMP Capital Notes 2 on December 16.
BHP underpinned gains in the materials sector as it rose 1.2 per cent, while Rio Tinto lifted 1.4 per cent and Fortescue Metals by 0.8 per cent. Iron ore was little changed overnight at $US103.55 per tonne following falls in recent days. A bounce in gold lifted Northern Star by 2 per cent and Newmont by 2.6 per cent.
Light & Wonder was the biggest riser as it soared 10.3 per cent following a 78 per cent jump in quarterly net income to $US114 million, underpinned by stronger gaming operations and record iGaming revenue. Adjusted net profit after tax climbed 25 per cent to $US153 million as chief executive Matt Wilson said the group’s move to a sole ASX listing was on track.
Stocks in focus
In company news, Tabcorp fell 0.5 per cent as the gambling business announced that the country’s third-largest superannuation fund, Aware Super, ceased to be a substantial shareholder on November 3.
Santos rose 0.6 per cent as it priced a $US1 billion 10-year senior unsecured bond at a 5.75 per cent fixed coupon, maturing in November 2035.
ASX Limited slid 0.2 per cent as the market operator told investors that $9.4 billion in new capital was quoted in October, up sharply from $3.1 billion a year earlier. The jump comes amid a revival in initial public offerings and capital raising activity.
Growthpoint Properties Australia gained 0.4 per cent as the real estate manager reaffirmed its full-year guidance after reporting solid leasing momentum across its office and industrial portfolios in the September quarter.
IGO fell 1 per cent as the explorer appointed Dr Vanessa Guthrie as its next chairwoman, effective January 1, following the retirement of Michael Nossal.
NIB Holdings jumped 1.9 per cent ahead of its annual meeting, as the insurer said Donal O’Dwyer would retire as a non-executive director.
