AU Evening Wrap: Australian equities dip slightly amid decline in energy sector
Market Performance
The Australian $S&P/ASX 200 (.XJO.AU)$ concluded the trading session with a slight decline of 0.1%, finishing at 7963.7, as energy shares experienced a downturn. The index fluctuated within a modest 30-point range throughout the day, commencing with a drop, then briefly rallying to a higher position mid-session before descending once more later in the day.
Energy stocks, which suffered a 1.1% loss, were influenced by a continuing slump in oil prices. Energy firms $Santos Ltd (STO.AU)$, $Woodside Energy Group Ltd (WDS.AU)$, and $Beach Energy Ltd (BPT.AU)$ witnessed their shares fall from 0.75% to 1.4%. Additionally, coal mining companies faced declines.
In the banking sector, outcomes were varied, with $CommBank (CBA.AU)$ retreating by 0.3% and $ANZ Group Holdings Ltd (ANZ.AU)$ by 0.7%. Contrastingly, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$ saw gains of 0.6% and 0.7%, respectively.
Meanwhile, iron ore giants $BHP Group Ltd (BHP.AU)$, $Fortescue Ltd (FMG.AU)$, and $Rio Tinto Ltd (RIO.AU)$ oscillated, exhibiting gains ranging from 0.2% to 0.5%. Their performance contributed to a 0.4% uplift in the materials sector.
Top News
Pilbara Minerals Reports Robust Revenue Growth in Q4, Despite Annual Decline
$Pilbara Minerals Ltd (PLS.AU)$ achieved a significant revenue milestone of AU$305 million in the fourth fiscal quarter ending June, marking a 58% surge from the AU$192 million recorded in the prior quarter. However, despite this quarterly uptick, the company witnessed a 69% downturn in annual revenue, totaling AU$1.25 billion, a stark contrast to the AU$4.06 billion reported in the fiscal year 2023.
The quarter under review saw a robust production output, with 226,200 tonnes of spodumene concentrates produced and 235,800 tonnes sold at a "realized price of $840 per tonne". Over the entire fiscal year, production experienced a 17% year-over-year increase to 725,300 tonnes, up from 620,100 tonnes. Moreover, sales volume also rose by 16%, reaching 707,100 tonnes, compared to the previous year's 607,500 tonnes. Despite the increased volume, the annual "realized price per tonne" faced a steep decline of 74%, plummeting from $4,447 to $1,176.
Source: Dow Jones Newswires, AFR, ASX
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