AU Morning Wrap: ASX Rallies; Block Climbs 22% After Revenue Beat

The $S&P 500 Index (.SPX.US)$ rose 1.9% in its biggest gain since April. The $Dow Jones Industrial Average (.DJI.US)$ added more than 560 points, or 1.7%, while the $Nasdaq Composite Index (.IXIC.US)$ was 1.8% higher.

The benchmark $S&P/ASX 200 (.XJO.AU)$ rose 1.1 per cent or 74.6 points to 6979, buoyed by 11 sectors in the green. US equities advanced a day after the central bank hinted it may be done with monetary tightening. Traders are now awaiting Friday’s key US Non-farm payrolls report.

$Macquarie Group Ltd (MQG.AU)$: Macquarie Group dropped 1.8 per cent after it reported a 39 per cent drop in half-year net profit to $1.4 billion and declared an interim dividend of $2.55 a share. Revenue was booked at $7.9 billion.

$Lendlease Group (LLC.AU)$: Property developer Lendlease jumped 2.1 per cent following the news that the company and Google will end its agreement to help develop the internet giant’s four major districts in the San Francisco Bay Area.

$Block Inc (SQ2.AU)$: Afterpay parent Block climbed 22 per cent after the company boosted projections for adjusted profit. The company forecasts adjusted earnings before interest, taxes, depreciation and amortisation for 2023 to be in the $US1.66 billion ($2.58 billion) to $US1.68 billion range.

$Regal Partners Ltd (RPL.AU)$: Hedge fund Regal Partners acquired PM Capital, the 25-year-old Sydney-based investment firm, a move that will boost its assets under management to $10.8 billion.

Trading Ex-div: $Ava Risk Group Ltd (AVA.AU)$, $Qualitas Real Estate Income Fund (QRI.AU)$

Dividends Paid: $The Reject Shop Ltd (TRS.AU)$, $K&S Corp Ltd (KSC.AU)$, $GenusPlus Group Ltd (GNP.AU)$