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The ASX has been trading up point seven of a percent (0.7%) at 7880 points, as the Australian reporting season continues.
Wall Street rallied overnight after US producer inflation data fell below expectations.
Back home, Information Technology is the leading sector up 2%, followed by Health Care and Real Estate – both around 1.5%. Energy is the worst performing sector, down slightly by 0.21%
Company News
Australia’s biggest company Commonwealth Bank (ASX:CBA) has been trading slightly up by around 0.6% after releasing FY24 results.
The company posted a 6% fall in profit to $9.39 billion, with growth in its core businesses offset by lower lending and deposit margins. This fell short of the consensus forecast of $9.5 billion.
CBA declared a final dividend of $2.50 a share, up from $2.40 a share last year.
Commonwealth Bank has been around $133.30 in lunchtime trade.
Marley Spoon (ASX:MMM) has received approval to voluntarily de-list from the ASX. The reasons for the move include only 5% of shares being available for trade, resulting in very low volumes.
Marley Spoon has been swapping hands at 1.7 cents.
In M&A news recruitment platform Livehire Ltd (ASX:LVH) has rocketed up around 93% on news of a takeover by Humanforce. An Accel-KKR company, Humanforce has agreed to buy Livehire in an all cash, on-market takeover.
Livehire has been trading at 4.7 cents.
AGL (ASX:AGL) has been up around 5% after releasing its FY24 results and guidance for FY25.
The company reported a 63% increase in earnings, and a 189% increase in profit to $812 million.
AGL says the results were driven by improved fleet availability, and a solid earnings contribution from the Torrens Island Battery in its first nine months of operation.
The company benefited from improved margins, a material increase in cash generation, and a strengthening balance sheet compared to the prior year.
AGL has been trading at $11.35.
And ASX (ASX:ASX), the company, is being sued by the Australian Securities and Investments Commission (ASIC).
Yesterday ASIC commenced proceedings in the Federal Court alleging the ASX made misleading statements about its share clearance system (CHESS) replacement project.
The ASX says it takes the allegations seriously and will full co-operate with ASIC. The bourse operator acknowledged the trusted place it occupies at the centre of Australia’s financial markets.
The ASX reports its FY24 results this Friday.
ASX has been trading at $63.43.
