AU Morning Wrap: ASX Climbs; AGL Soars 14% on Mega Profit Upgrade

The $S&P 500 Index(.SPX.US)$ added 1.2% Thursday. The $Nasdaq Composite Index(.IXIC.US)$ picked up 1.1%, and the $Dow Jones Industrial Average(.DJI.US)$ jumped 1.3%, or 429 points, to 34408, its highest close since December.

The benchmark $S&P/ASX 200(.XJO.AU)$ rose 0.4 per cent to 7204.3 by 10:24am, taking its lead from strong gains on Wall Street overnight. Ten out of 11 sectors were higher in the opening minutes of trade.

The energy sector jumped 1.8 per cent after crude oil approached $US71 a barrel on optimism of strengthening demand in China. $Woodside Energy Group Ltd(WDS.AU)$ gained 1.5 per cent, $Santos Ltd(STO.AU)$ rose 1.6 per cent and $Whitehaven Coal Ltd(WHC.AU)$ was 4.8 per cent higher.

$AGL Energy Ltd(AGL.AU)$ was the standout on the local bourse, jumping 14.3 per cent to $11.04. The company has upgraded its guidance for earnings this financial year, with underlying gross earnings now put at between $1.33 billion and $1.375 billion, narrowing the range to the upper end of previous guidance.

$ANZ Group Holdings Ltd(ANZ.AU)$: ANZ announced it has executed an implementation agreement with the Queensland government as part of the bank's plan to acquire Suncorp Bank. ANZ commits to establishing a major tech hub in Brisbane.

$AGL Energy Ltd(AGL.AU)$: AGL Energy has refined earnings guidance for fiscal 2023 to a range of $1.3 billion to $1.375 billion, from $1.25 billion to $1.375 billion previously. Underlying profit guidance was also revised to between $255 million to $285 million, from a previous forecast of $200 million to $280 million. The changes reflect improving conditions expected in the second half of the year.

Dividends Paid: $Technology One Ltd(TNE.AU)$