AU Evening Wrap | Mining Stocks Weigh on ASX, AMP Shares Surge 13%
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.2% lower at 7682.0, as losses in commodity stocks outweighed gains in banks and financial services. The index followed U.S. equity trends, briefly rallied after lunch, but ultimately declined.
Materials were the worst hit, with gold, lithium, and iron-ore miners like $Fortescue Ltd (FMG.AU)$, $BHP Group Ltd (BHP.AU)$, and $Rio Tinto Ltd (RIO.AU)$ dropping between 1.9% and 2.1%. Coal and oil stocks also declined. Meanwhile, banks including $Westpac Banking Corp (WBC.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $CommBank (CBA.AU)$, and $National Australia Bank Ltd (NAB.AU)$ saw gains of 0.8% to 1.6%, recovering some recent losses. Wealth manager $AMP Ltd (AMP.AU)$ surged 13%, marking its best day in four years, after exceeding 1H earnings expectations.
Top News
Materials Sector Suffers on ASX Amid Falling Iron Ore Prices
Materials stocks on the ASX were among the worst performers, declining by 1.8%. Major miners like BHP Group, Rio Tinto, and Fortescue Metals saw significant drops due to lower iron ore prices, with Singapore futures down 1.7%. Additionally, IGO fell 2.5% after announcing it might divest some nickel assets, having signed an agreement with Medallion Metals regarding its Forrestania nickel project.
AMP Shares Surge After Strong Half-Year Results
AMP shares soared 13.2% to $1.28 after the company reported a 5.4% increase in half-year net profit to $118 million and declared an interim partially franked dividend of 2¢ per share. This performance made it the best performing stock on the ASX 200.
Qantas Shares Dip as Former CEO Alan Joyce Loses Over $9 Million in Pay
$Qantas Airways Ltd (QAN.AU)$ announced that former CEO Alan Joyce would forfeit over $9 million of his pay following a board-commissioned review which identified management mistakes that led to reputational and customer service issues. Consequently, the airline's shares fell by 2.2% to $5.84.
Light & Wonder Gains on Strong Quarterly Revenue Growth
$Light & Wonder Inc (LNW.AU)$ rose 1.8% to $159.87 after reporting a 14% increase in gaming revenue to $539 million in its latest quarterly report. The growth was attributed to higher sales of its gaming machines.
Source: Dow Jones Newswires, AFR, ASX
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