AU Morning Wrap: ASX surge; AGL to quit coal by 2035

Wall Street Summary
US stocks surged on Wednesday afternoon as Treasury yields retreated from a sharp ascent and investors cheered on a surprise policy pivot by the Bank of England.

The $S&P 500 Index (.SPX.US)$ gained 71.20 points, or 1.95 per cent, to end at 3,718.49 points, while the $Nasdaq Composite Index (.IXIC.US)$ gained 218.56 points, or 2.02 per cent, to 11,048.06 and the $Dow Jones Industrial Average (.DJI.US)$ rose 551.15 points, or 1.89 per cent, to 29,686.14.

AU Market Watch
The local market is expected to rise this morning after a surprise move from the Bank of England overnight pleased global markets.

This comes after the Australian share market took a dive yesterday, closing at its lowest level since June 20.

Australian shares open higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 1.65 per cent to 6568.7 as of 10:19 am.

Stocks to Watch
$AGL Energy Ltd (AGL.AU)$: AGL has updated its financial 2023 earnings guidance for underlying net profit between $200 million and $230 million on EBITDA between $1250 million and $1450 million.

It also announced it will accelerate the closure of its Loy Yang A coal-fired power station in Victoria by a decade to 2035.

$Nuix Ltd (NXL.AU)$: The market regulator has brought a case against Nuix in the Federal Court alleging breaches of continuous disclosure and misleading or deceptive conduct. ASIC has also brought a case against some directors alleging breaches of directors' duties.

$Premier Investments Ltd (PMV.AU)$: Retail conglomerate Premier Investments has posted a statutory financial 2022 net profit up 4.9 per cent to $285.2 million on sales 5.2 per cent higher at $1498 million.

The group also revealed a plan to buy back up to $50 million worth of stock over the next 12 months. As at the period end it had cash on hand of $471.3 million and property related debt of $69 million.

$IRESS Ltd (IRE.AU)$: Financial software business Iress has blamed challenging market conditions and delayed sales opportunities for a downgrade to its financial 2022 profit guidance to between $166 million and $170 million on a constant currency basis, versus prior guidance between $177 million and $183 million.

$Gentrack Group Ltd (GTK.AU)$: New Zealand-based software business Gentrack has lifted its financial 2022 EBITDA guidance to mid-to-high single digits of millions on sales of around $NZ125 million.

Ex-dividend: $Arena REIT (ARF.AU)$, $Cromwell Property Group (CMW.AU)$, $Charter Hall Social Infrastructure REIT (CQE.AU)$, $Dexus Industria REIT (DXI.AU)$, $Link Administration Holdings Ltd (LNK.AU)$, $Magontec Ltd (MGL.AU)$, $360 Capital REIT (TOT.AU)$

Dividends paid: $APM Human Services International Pty (APM.AU)$, $Bendigo and Adelaide Bank Ltd (BEN.AU)$, $CommBank (CBA.AU)$, $Fortescue Ltd (FMG.AU)$, $GQG Partners Inc (GQG.AU)$, $IDP Education Ltd (IEL.AU)$, $Medibank Private Ltd (MPL.AU)$, $Newcrest Mining Ltd (NCM.AU)$, $Northern Star Resources Ltd (NST.AU)$

Commodities
• Iron ore futures fell 0.4% to US$98.2 a tonne on Wednesday.