AU Evening Wrap | ASX Rises on Gold Stock Rally; a2 Milk Tumbles

• Top losers: $The a2 Milk Co Ltd (A2M.AU)$ $Paladin Energy Ltd (PDN.AU)$ $Contact Energy Ltd (CEN.AU)$

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.1% higher at 7980.4 as the trajectories of its two largest sectors continued to diverge. The benchmark index rallied from a brief early dip into the red to record a seventh straight gain, its longest winning streak since June 2023.

Banks $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$ added between 0.5% and 2.5% as the financial sector improved its chances of a fourth straight monthly rise. Materials, the No. 2 sector by market capitalization, stayed on track for a third straight monthly decline as iron-ore miners $Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$ and $Fortescue Ltd (FMG.AU)$ fell by between 0.25% and 1.9%. $The a2 Milk Co Ltd (A2M.AU)$ lost 19% on weaker-than-expected guidance, while audio-visual tech provider $Audinate Group Ltd (AD8.AU)$ jumped 20% after releasing its annual earnings report.

$Suncorp Group Ltd (SUN.AU)$ shares rose on Monday following a relatively weaker-than-expected FY24 result. The company reported a 28.8% increase in general insurance underlying profit after tax to $1.10 billion and an 11.8% rise in net profit after tax to $1.19 billion. Cash earnings grew by 16.6% to $1.37 billion, although this figure was 3.5% below consensus expectations of $1.42 billion. Suncorp announced a final dividend of 44 cents per share, bringing the total dividend for FY24 to 78 cents per share. Additionally, the company noted net proceeds of $4.1 billion from the sale of the Bank, with the majority expected to be returned to shareholders around the first quarter of 2025.

$Westpac Banking Corp (WBC.AU)$ shares surged 2.5% to $30.40 after reporting an unaudited net profit of $1.8 billion for the three months ending June 30, marking a 6% increase compared to its average quarterly return in the first half. The bank also indicated that profit margin pressures are easing.