AU Morning Wrap: ASX Gains; Xero Plunges 8%

The $S&P 500 Index (.SPX.US)$ added 0.1%, notching an eighth-straight session in the green. The $Nasdaq Composite Index (.IXIC.US)$ also added 0.1%, now higher on nine consecutive days, its longest winning streak in two years. The $Dow Jones Industrial Average (.DJI.US)$ slipped 0.1%, or 40 points.

The $S&P/ASX 200 (.XJO.AU)$ edged up 0.3 per cent to 7014.6 and the All Ordinaries also rose 0.3 per cent.

Healthcare stocks led gains with heavyweight $CSL Ltd (CSL.AU)$ nearly 1 per cent. Financials, energy and tech stocks fell in the red.

$National Australia Bank Ltd (NAB.AU)$ reversed early losses to be up 0.4 per cent after it lifted cash profit by 8.8 per cent to $7.7 billion for the 2023 financial year and boosting its final dividend to 84¢ a share. It also pointed to a “more challenging environment”.

$Challenger Ltd (CGF.AU)$ rallied 1.7 per cent after expanding its business ties with an origination agreement with Apollo Global Management.

$Xero Ltd (XRO.AU)$ plunged 8 per cent even though it swung to net profit of $NZ54.1 million ($50 million) for the half year.

Trading ex-div: $Westpac Banking Corp (WBC.AU)$ – $0.72, $Acorn Capital Investment Fund Ltd (ACQ.AU)$ – $0.04, $Waterco Ltd (WAT.AU)$ – $0.05

Dividends paid: $Dexus Industria REIT (DXI.AU)$ – $0.04, $Dexus Convenience Retail REIT (DXC.AU)$ – $0.05