BHP's Half-Year Results Boost ASX, Tech Shares Slump, Santos Case Dismissed
The Australian stock market started the day strongly, with BHP leading the charge after reporting a 28% rise in half-year profit to $8 billion. This performance was driven by copper, which became the mining giant's top earner. Other heavyweights like Rio Tinto and Fortescue also rose, while gold miners showed mixed results. Judo Bank's profits soared 46% to $59.9 million, and the big four banks saw marginal gains.
Seek's venture capital arm sold its stake in Employment Hero, a billion-dollar HR startup, ending a dispute over data misuse. Tech shares took a hit, with WiseTech, Xero, and NextDC declining. Energy stocks dipped despite rising oil prices, and Santos faced a Federal Court dismissal over misleading 'clean energy' claims.
Healthscope landlord HCW awaits details of a not-for-profit proposal and focuses on resolving the Healthscope situation. Baby Bunting saw a 4.6% rise in sales growth, and Maggie Beer Holdings plans to sell its hampers business, acquired for $40 million. The Australian dollar strengthened, and global markets showed small movements post-US inflation data.
The Market Recap newsletter provides daily trading summaries, and the Australian market's performance reflects a mix of positive earnings reports and strategic moves, with some sectors facing challenges.
