ASX Market Update: Solid gains to end the week | August 16, 2024

The ASX200 has gained about 1.3 per cent in early trade, with all sectors trending up.

Materials are strongest so far today, adding 2.4 per cent with Energy also gaining 2 per cent.

The Financial sector is also doing well, adding 1.5 per cent and that included solid performances by CBA: Which has again been in record territory; and, National Australia Bank (ASX:NAB) which has been up more than 1.6% on its June quarter unaudited net profit of $1.9 billion. That’s despite profit being 2% lower than the average for recent quarters, but CEO Andrew Irvine said the bank planned to cut costs by $400 million this year.

Shares have been trading above $36.55 ($36.53 at 1pm AEST)

Online property platform Domain Holdings (ASX:DHG) had a solid start after reporting 4% more real estate listings with an average additional 18% revenue per listing. Its adjusted net profit was up more than 23.5%. It’s full year dividend of 6 cents is the same as in FY23.

Shares have been around $3.10 ($3.09).

Meanwhile, Domain’s realestate.com.au competitor REA Group (ASX:REA) has also been up to new record highs, touching above $214 this morning. These gains have pared back somewhat, with the stock at $212.43 (1pm AEST).

And Auric Mining Ltd (ASX:AWJ) is up 2 per cent after its joint venture Jeffreys Find Gold Mine sold more than $6.3 million in gold this month. The mine near Norseman is on track to generate about $25 million in gross sales over the month ahead.

Proceeds are split 50:50 with joint venture partner BML Ventures Pty Ltd.

Auric’s been trading around 25 cents.