AU Morning Wrap: ASX shares flat; Newcrest jumps

Wall Street Summary
US stocks eked out slender gains as upbeat economic data maintained pressure on the Federal Reserve to raise rates aggressively. Gains in energy and tech stocks helped offset declines in real estate and healthcare.

The $S&P 500 Index(.SPX.US)$ seesawed between gains and losses before closing ten points or 0.23 per cent higher. The $Dow Jones Industrial Average(.DJI.US)$ edged up 19 points or 0.06 per cent. The $Nasdaq Composite Index(.IXIC.US)$ advanced 27 points or 0.21 per cent.

AU Market Watch
ASX futures climbed 23 points or 0.33 per cent. An advance of that scale would erase yesterday’s 15-point fall on the S&P/ASX 200 and get the benchmark back on track for a fifth week of gains for the first time since June 2021.

Australian shares opened flat this morning. The $S&P/ASX 200(.XJO.AU)$ lost 0.02 per cent to 7111.2 as of 10:14 am.

Stocks to Watch
$AGL Energy Ltd(AGL.AU)$: AGL Energy has reported a statutory profit after tax of $860 million for the year ended June 30, including $486 million of significant items.

$TPG Telecom Ltd(TPG.AU)$: The combined TPG Telecom and Vodafone Australia group says it's on track to deliver between $125 million and $150 million in cost savings in 2022. For the half-year to June 30 it posted EBITDA down 5.3 per cent to $837 million on sales of $2190 million. It lifted its interim dividend 12.5 per cent to 9¢ per share.

$Accent Group Ltd(AX1.AU)$: Footwear and fast fashion retailer Accent Group has posted a net profit down 59 per cent to $31.4 million on sales up 13.8 per cent to $1.13 billion in FY 2022.

$Fisher & Paykel Healthcare Corp Ltd(FPH.AU)$: Fisher & Paykel Healthcare guided to first-half revenue of $NZ670 million and net profit $NZ85 million to $NZ95 million due to elevated customer stock levels on hand. Margins will be below target.

$Cochlear Ltd(COH.AU)$: Hearing aid manufacturer Cochlear has guided for an underlying net profit between $290 million and $305 million in FY 2023 equal to growth between 5 per cent and 10 per cent.

$Newcrest Mining Ltd(NCM.AU)$: Newcrest Mining recorded a 25% fall in annual profit, mainly because of lower production at a large gold mine in Australia's New South Wales state. The company also grappled with rising operating costs, as energy, labor and shipping expenses climbed.

Ex-dividend: $GWA Group Ltd(GWA.AU)$, $Ryder Capital Ltd(RYD.AU)$, $Zimplats Holdings Ltd(ZIM.AU)$

Dividends paid: $BWP Trust(BWP.AU)$, $Cordish Dixon Private Equity Fund III(CD3.AU)$, $Cromwell Property Group(CMW.AU)$, $New Energy Solar Ltd(NEW.AU)$

Commodities
• Iron ore futures rose 0.12% to US$104.6 a tonne.
• Oil prices rallied after "another round of impressive US economic data boosted optimism for an improving crude demand outlook," said Oanda senior market analyst, Ed Moya.
• Gold is back to struggling against a surging US dollar. The Dollar Index is on a five-day winning streak, capping any upside for the yellow metal.

Source: Dow Jones Newswires, AFR