Good afternoon and welcome to the ASX Today. Australian shares edged higher today as a rebound in gold helped lift mining and technology stocks. A fresh wave of earnings has also produced some sharp moves across the market.
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The ASX 200 Index was up 0.2 per cent, at around midday, despite seven of the 11 sectors trading lower.
The overnight rally in US Treasuries provided some relief for investors after the US Treasury announced plans to increase bond buybacks, helping push the 30-year US yield down 10 basis points.
Gold linked stocks were among the market’s strongest performers. Northern Star Resources climbed 7 per cent after reporting a 19 per cent increase in revenue to $7.6 billion, while Evolution Mining gained 9 per cent.
Technology stocks also found support, with Codan jumping 12 per cent, Xero adding 2.1 per cent and WiseTech Global recovering 6.4 per cent following its sharp decline on Wednesday. Healthcare remained strong, aside from Sonic Healthcare which fell more than 7 per cent despite reporting an 18 per cent increase in net profit.
Super Retail Group was one of the day’s standout performers, surging 16 per cent after delivering an earnings result that beat expectations and pointed to a positive start to FY27 despite ongoing pressure across retail.
Zip Co shares rallied after the buy now, pay later company reported full-year earnings of $269 million, up 58 per cent. The company expects its group cash earnings forecast to hit $340 million in the next financial year.
IDP Education moved sharply in the opposite direction, plunging 27 per cent after revenue fell 11 per cent to $795.4 million and net profit dropped 74 per cent to $13.3 million. Student placement volumes fell 27 per cent, while English language testing volumes declined 8 per cent.
Medibank Private tumbled almost 8 per cent after warning that membership growth had slowed and cost of living pressures were prompting some customers to downgrade their health insurance cover.
Megaport rose over 6 per cent after reporting a 24 per cent increase in profit to $77 million, supported by stronger revenue following its acquisition of Latitude. Dexus edged 0.4 per cent lower after warning that higher borrowing costs, weaker trading profits and lower performance fees would weigh on FY27 earnings.
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