AU Evening Wrap: Rates hopes cushion market against early fall

The $S&P/ASX 200 (.XJO.AU)$ declined 15 points or 0.21 per cent from yesterday's ten-week closing high. The index finished more than 30 points off its morning low.

Intellectual property services group $IPH Ltd (IPH.AU)$ surged 16.02 per cent to a two-and-a-half-year high after snapping up Canada's leading IP firm. IPH will acquire Smart & Biggar for $387 million. The firm also reported a modest dip in full-year net profit to $52.6 million from $53.6 million in FY21.

Penfolds owner $Treasury Wine Estates Ltd (TWE.AU)$ rallied 4.04 per cent with supply chain optimisation measures expected to offset inflationary pressures and cost increases this fiscal year. The winemaker plans to raise prices for its premium and luxury brands.

Trading software-maker $IRESS Ltd (IRE.AU)$ firmed 1.76 per cent upon reporting a 29 per cent improvement in underlying half-year profit. Revenues increased 6 per cent.

Energy stocks rose after Brent crude rallied for the first time in four sessions. $Santos Ltd (STO.AU)$ gained 2.32 per cent. $Woodside Energy Group Ltd (WDS.AU)$ added 1.13 per cent.

$Transurban Group (TCL.AU)$ slumped 3.41 per cent after reporting a dip in traffic volumes. Average daily traffic across the roll road operator's portfolio declined 0.5 per cent in FY22. The firm flagged an expected increase in costs this fiscal year.

$Origin Energy Ltd (ORG.AU)$ slid 2.64 per cent after reporting a statutory loss of $1.429 billion and declining to offer guidance for the current fiscal year. The company expects underlying earnings to improve, but said there was "uncertainty around the range of potential earnings outcomes for FY2023".