AU Morning Wrap | ASX Rises; Star Halts Trading; Ramsay Falls; Dow Hits Record High

The market is in the green Thursday, and the S&P 500 was flat for the day by the close after pulling close to an all-time high. Nvidia fell 6% for the day, but the market did not feel it as it normally does. The $S&P 500 Index (.SPX.US)$ traded exactly flat for the day, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.59%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.23%.

The Australian sharemarket opened higher amid a busy morning of company results, with the $S&P/ASX 200 (.XJO.AU)$ Index rising 0.4% to 8072.9, driven by gains in the energy and industrials sectors. This followed overnight gains on Wall Street, where the Dow Jones rose 0.6%, the S&P 500 was flat, and the Nasdaq slipped 0.2%. Despite a modest decline in the S&P 500, 75% of its stocks ended higher. Nvidia dropped 6.4% after disappointing quarterly results, while Apple advanced 1.5%, nearing its mid-July record high and being named Citigroup's top AI pick over Nvidia.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $59,252, up by 0.09% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $2,523, down by 0.40% in the past 24 hours.

$The Star Entertainment Group Ltd (SGR.AU)$'s executives "failed to provide the necessary leadership and oversight," with ousted CEO Robbie Cooke blamed for the company's "dysfunctional state," according to a review by the NSW casino regulator. Shares have been halted.

$Ramsay Health Care Ltd (RHC.AU)$, Australia's largest private hospital operator, reported a 24.5% increase in underlying net profit to $300.1 million for fiscal 2024 and raised its full-year dividend to 80¢ from 75¢ fully franked. The company expects further growth in FY25, though at a slower pace.

$Appen Ltd (APX.AU)$'s group operating revenue declined 18.4% to $113.4 million in the half year due to a terminated contract with Google.

$Downer EDI Ltd (DOW.AU)$ swung to an $82 million annual profit after a $386 million net loss the previous year, despite a $600 million drop in group revenue to $11 billion. The company cut over $1 billion in costs, aligning underlying earnings with expectations at $380 million.

$TPG Telecom Ltd (TPG.AU)$ is cutting 120 jobs to save $20 million after interim net profit fell 40% to $29 million amid "sustained inflation." Interim revenue remained flat at around $2.7 billion, but finance costs increased due to new lease agreements and higher interest rates.

$Austal Ltd (ASB.AU)$ reported a revenue decline in FY24, down to $1.47 billion from $1.59 billion the previous year, and held back its dividend.