LA Private

ASX closes 0.37% higher after big banks report strong earnings

Despite a session marked by mixed performance, the Australian stock market managed to close higher. This was largely attributed to the significant contributions from the nation’s major banks. The S&P/ASX 200 index concluded the day with a 0.37% increase, rising by 25.4 points to reach 7336.5. Similarly, the All Ordinaries index also experienced a comparable gain of 0.3%, reaching 7541.2.

The standout performer among these major banks was the Commonwealth Bank (ASX:CBA), which saw a notable rise of 2.7% to $104.98. This surge was spurred by its latest full-year report, which revealed a profit of $10.2 billion.

In a late-session rally, the other three major banks also contributed positively. National Australia Bank (ASX:NAB) witnessed a 2.1% increase to $28.62, Westpac Banking Corporation (ASX:WBC) rose by 1.8% to $22.10, and Australia and New Zealand Banking Group (ASX:ANZ) gained 0.9%, reaching $25.455.


The Dow Jones futures are pointing to a rise of 4 points.

The S&P 500 futures are pointing to a rise of 5 points.

The Nasdaq futures are pointing to a rise of 31 points.

The SPI futures are up 26 points.

Best and worst performers

The best-performing sector was Financials, up 1.21 per cent. The worst-performing sector was Health Care, down 0.89 per cent.

The best-performing large cap was SEEK (ASX:SEK), closing 2.95 per cent higher at $25.80. It was followed by shares in Commonwealth Bank of Australia (ASX:CBA) and NEXTDC (ASX:NXT).

The worst-performing large cap was ResMed (ASX:RMD), closing 4.63 per cent lower at $27.42. It was followed by shares in Meridian Energy (ASX:MEZ) and Mercury NZ (ASX:MCY).

Asian markets

Japan’s Nikkei has lost 0.45 per cent.

Hong Kong’s Hang Seng has lost 0.21 per cent.

China’s Shanghai Composite has lost 0.79 per cent.

Company news

Next Science (ASX:NXS) has released the findings of a pilot study for their advanced surgical irrigation solution, XPERIENCE™, which demonstrated 54% lower inflammation within 14 days compared to the common reference standard. In response, leading surgeon Dr. Andrew B. Wickline commented, “The results of the study are extremely pleasing as it appears we have found another tool for reducing inflammation and improving a patient’s post operative experience and accelerating their return to normal function.” Shares are trading 8.33 per cent higher at 65 cents.

Talon Energy (ASX:TPD) announced that their Gurvantes XXXV CSG Project in the South Gobi Basin of Mongolia continues to deliver with gas flows continuing to increase. In response, Mr Colby Hauser, Talon’s Managing Director and Chief Executive Officer, commented: “The pilot production well program continues to exceed our expectations and we are looking forward to providing the market an update on the initial flow rate from this exciting project in several weeks time.” Shares closed flat at 16.5 cents.

Syrah (ASX:SYR) has entered into a non-binding memorandum of understanding with Samsung SDI, a leading global manufacturer of lithium-ion batteries. Syrah and SDI will evaluate natural graphite active anode material supply from the Vidalia AAM facility in USA. Shares closed 2.34 per cent higher at 65.5 cents.

Commodities and the dollar

Gold is trading at US$1,965.10 an ounce.

Iron ore is 0.7 per cent higher at US$104.80 a tonne.

Iron ore futures are pointing to a 0.2 per cent rise.

Light crude is trading $0.22 lower at US$82.70 a barrel.

One Australian dollar is buying 65.58 US cents.