The numbers
The Australian sharemarket was unable to hang on to its early gains during Wednesday’s session,as weakness in communication services stocks pulled the benchmark index slightly into the red.
The S&P/ASX 200 Index fell 3.6 points to 7848.1,with a modest gain in the utilities sector unable to counter a flat finish across most other major sectors.
Telstra said job cuts announced this week will save the company $350 million.Louie Douvis
The lifters
Webjet was among the biggest winners,closing 7.7 per cent higher after the travel company revealed plans to split its two travel divisions into separate entities that may be publicly listed on the ASX,as well as reporting a profit turnaround.
TechnologyOne shares rallied for a second successive trading session to be among the best performers,gaining 6.6 per cent. The company on Tuesday revealed half-year results that saw double-digit increases in revenue and profit. The shares are up more than 11 per cent in two days.
Other top performers included Alumina (up 4.9 per cent) and Centuria Capital Group (up 3.2 per cent).
The utilities sector was one of few bright spots in lacklustre trading,lifting 0.9 per cent. Origin and Meridian Energy drove the sector gains,up 1.5 per cent and 1.2 per cent,respectively.
The laggards
Eagers Automotive shares lost 15 per cent of their value after Australia’s largest car dealership group warned that its half-year profits would be 15 per cent lower than last year.
Inghams shares closed 5.8 per cent lower,after earlier dipping as much as 10 per cent intraday,after Avian influenza was detected at an egg farm in Victoria. The shares recovered after the poultry supplier issued a statement saying neither its operations nor supply chain were affected.
Shares in telco giant Telstra continued their slide one day after announcing. The stock fell 4.2 per cent after shedding 2.7 per cent a day earlier.
Under-fire announced he would step down at the property giant’s next shareholder meeting in November. The property giant’s shares fell 1.3 per cent.
Overnight,US stock indices again edged higher in another quiet day of trading.
The S&P 500 Index rose 0.3 per cent to surpass its record set last week. The Nasdaq Composite Index added 0.2 per cent,eclipsing its day-earlier high. The Dow Jones Industrial Average advanced 0.2 per cent to sit just below its high set last week.
It was another quiet day of trading on Wall Street.Bloomberg
Wall Street’s indices have climbed to records largely on expectations for the US Federal Reserve to cut interest rates later this year,as inflation cools. More reports showing big US companies earning fatter profits than expected have also boosted the equity market.
Macy’s joined the chorus line of companies delivering a stronger profit for the latest quarter than analysts had expected. Its stock jumped 5.1 per cent.
The company,which operates 508 department stores across the United States,also raised the bottom end of its forecasts for upcoming sales and profit,spurring the advance.
Trump Media&Technology Group,the company behind Donald Trump’s truth social network,sank 8.7 per cent after disclosing a net loss of $US327.6 million in its first quarterly report as a publicly traded company.
US Vice President Kamala Harris has rebuked Donald Trump over an 'appalling' video he shared.
Hopes for coming rate cuts to rates sent Treasury bond yields lower,easing pressure on the stock market.
The yield on the 10-year Treasury slipped to 4.41 per cent,from 4.48 per cent late Monday. The two-year yield,which more closely tracks expectations for Fed actions,slipped to 4.83 per cent,from 4.85 per cent.
Tweet of the day
Quote of the day
“As far as three-word slogans go,‘gas-led recovery’ was about as useful as ‘no new gas’ when it comes to helping us balance the economic,energy and environmental challenges reality ahead for us and our region. Let me be clear:gas has a role to play in our future,but emissions have to rapidly and permanently come down.”
That’s Resources Minister Madeleine King,who is from the gas-led recovery proposed by the Coalition government three years ago that backed Australia’s second-biggest export commodity.
You may have missed
BHP is nearing make-or-break on its multibillion-dollar takeover bid for rival miner Anglo American as the that will require the Australian resources giant to increase its offer,make it binding,or walk away from its prey. A large investment fund with a substantial stake in BHP believes the company is likely to put a formal binding offer to Anglo’s board before the UK Takeover Panel deadline expires. “They will then stay in the game,” Dominic Mlcek,a portfolio manager at Infinity Asset Management,said.
With AP
The Market Recap newsletter is a wrap of the day’s trading..