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AU Morning Wrap: ASX Opens Higher; Myer Edges Up After FY23 Results

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Moomoo News AU wrote a column · Sep 14, 2023 08:40
G'day, mooers! Check out the latest news on today's stock market!
• US stocks edge higher after no-surprises inflation report
• ASX opens higher; Myer edges up after FY23 results
• Stocks to watch: Starpharma, Yancoal, Myer
- Moomoo News AU
AU Morning Wrap: ASX Opens Higher; Myer Edges Up After FY23 Results
Wall Street Summary
Investors largely liked what they saw in Wednesday's inflation report, solidifying their bets that the Federal Reserve will hold interest rates steady at the end of next week's policy meeting.
Major stock indexes were modestly higher for most of the day before losing some momentum in the final 90 minutes of the session. The $S&P 500 Index (.SPX.US)$ added 0.1%, the $Nasdaq Composite Index (.IXIC.US)$ rose 0.3%, and the $Dow Jones Industrial Average (.DJI.US)$ fell 0.2%. Treasury yields were little changed, with the yield on the 10-year note falling to 4.248% from 4.263% on Tuesday.
AU Market Watch
The Australian sharemarket has shrugged off a mixed response to US CPI data on Wall Street overnight to open higher.
The $S&P/ASX 200 (.XJO.AU)$ rose 9 points at open, or 0.1 per cent, to 7162.9 points. The All Ordinaries rose 0.2 per cent.
Energy stocks were the best performing early in trading, up 0.7 per cent. Coal miners $Yancoal Australia Ltd (YAL.AU)$, $Whitehaven Coal Ltd (WHC.AU)$ and $New Hope Corp Ltd (NHC.AU)$ are all up more than 1.5 per cent.
Myer Holdings jumped 1.1 per cent after the fashion retailer met its August full year 2023 guidance. Top-line sales growth rose 12.5 per cent to $3.36 billion while its bottom line was up 18.2 per cent to $71.1 million.
$Starpharma Holdings Ltd (SPL.AU)$ retreated 6.3 per cent after a 20 per cent rally yesterday following positive interim results for the company's cancer drug.
Downer EDI has slipped 0.5 per cent after secured a new contract from the Australian Defence Force valued at up to $750 million. The contract relates to the ADF's redevelopment of the RAAF Woomera Range Complex, a major Australian military and civil aerospace facility in South Australia.
Stocks to Watch
$Coles Group Ltd (COL.AU)$: Coles Group director Terry Bowen will retire from the board around late February when he will take up a senior executive role with ROKT, an e-commerce technology business, and will be based in the United States.
Bowen, who is also departing from directorships at Transurban Group and BHP Group, joined Coles board in 2022. He is a former finance director of Wesfarmers.
Bowen's exit is a blow for Coles given he is seen as a potential internal successor as chairman to James Graham. Bowen will join ROKT as president and chief operating officer.
$Myer Holdings Ltd (MYR.AU)$: Myer Holdings met its August full year 2023 guidance for top line sales growth of 12.5 per cent to $3.36 billion while its bottom line was up 18.2 per cent to $71.1 million, but flagged department store comparable sales are down 1.9 per cent in the first six weeks of the new year.
$Downer EDI Ltd (DOW.AU)$: Downer EDI has secured a new contract from the Australian Defence Force valued at up to $750 million.
The contract relates to the ADF's redevelopment of the RAAF Woomera Range Complex, a major Australian military and civil aerospace facility in South Australia.
Revenue will be split 50:50 between Downer and joint venture partners CPB Contractors.
$Ramelius Resources Ltd (RMS.AU)$: West Australian miner Ramelius Resources has upped its gold reserves by more than 20 per cent.
In its latest estimate, the miner increased its mineral reserves estimate by 23 per cent to 7.6 million ounces of gold.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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