The key takeaways from the last 24 hours
ASX reaches all-time high, CBA flat, energy, property gain on US-China deal, Woodside (ASX: WDS) gains
The local market reached a fresh intra-day high during the session on Wednesday, albeit only closing a meagre 0.1 per cent higher. The result was driven by a further easing in trade tensions between the US and China, with expectations a fresh agreement will be hammered out in the coming days and weeks. The energy and property sectors gains 0.8 and 0.9 per cent, with Woodside Energy (ASX:WDS) a standout, rallying 1.9 per cent, and BHP (ASX:BHP) also gaining more than 1.5 per cent as iron ore prices improved in Singapore. The Commonwealth Bank (ASX:CBA) underperformed, while both ANZ Bank (ASX:ANZ) and Westpac (ASX:WBC) posted small gains to buoy the market. Shares in property services provider Johns Lyng Group (ASX:JLG) posted a massive 17.7 per cent gain after the company confirmed a $3 offer from Pacific Equity Partners to take the company private.
Zip pops 16 per cent, Fletcher Building rallies on possible sales, Qantas (ASX: QAN) cuts Asia experiment
Buy now pay later group Zip (ASX:ZIP) topped the market, posting a 15 per cent gain on Wednesday, as the company upgraded earnings guidance for the financial year. It now expects earnings of $160 million, up from $153 million, driven primarily by solid transaction growth in the profitable US market. Shares in Fletcher Building (ASX:FBU) were also among the leaders, finishing 10 per cent higher, after the company revealed it had received inbound enquiries about potentially selling parts of its business, including construction, in an effort to release value from the business. Shares in Qantas (ASX:QAN) were more than 1 per cent lower after the company announced an immediate exit from Jetstar Asia, a 20 year experience, with 13 planes to be returned to service in Australia. Monash IVF (ASX:MVF) posted a dead cat bounce, with shares gaining 11 per cent as the embattled provider seeks to move forward after a number of massive issues.
S&P500 pulls back from highs, big tech falls on Apple weakness, Oracle jumps on upgrade
The Dow Jones finished flat, outperforming both the S&P500 and Nasdaq which fell 0.3 and 0.5 per cent respectively on weakness in Big Tech. Apple (NYSE:AAPL) fell by more than 2 per cent, while Tesla (NYSE:TSLA) reversed a 3 per cent gain to finish flat. The broader sentiment continues to improve, as Donald Trump all but confirmed a deal had been made between the US and China, which would include rare earth imports, while inflation data came in weaker than expected suggesting companies were not passing on tariff-related increased just yet. Bond yields fell, buoying bond prices on hopes that weaker inflation would support another round of rate cuts. Shares in Oracle (NYSE:ORCL) were stronger in after market trade as the company flagged surging growth in cloud sales, while Nintendo (TYO:7974) reported strong sales of it’s first new console in 15 years, the Switch 2, which sold 3.5 million in just four days.
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