ASX closes 0.1% higher: Mixed profit results and sectoral divergence
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Update time : 2024-08-19 17:19:07
The Australian sharemarket closed slightly higher on Monday amid a subdued trading session as investors focused on a series of company profit reports on the ASX. The benchmark S&P/ASX 200 Index rose by 0.1%, or 9.3 points, to 7980.4, with seven of the 11 sectors finishing in the red. Utilities led the gains, with stocks like Origin and AGL rising, while the consumer staples sector was the weakest, led by a2 Milk's sharp decline of 18.7% due to challenging conditions in China. Major stocks such as Westpac and Suncorp posted strong results, while others like Ampol, Lendlease, and BlueScope saw declines due to weaker financial performance. In commodities, gold stocks surged on record gold prices, while iron ore futures rebounded. Key upcoming reports from retailers such as Domino’s Pizza and Breville are expected to provide further insights into consumer sentiment and the impact of higher interest rates.
