• The ASX 200 index closed 0.3% on Friday, but was down 1% for the week
  • ANZ and Macquarie’s earnings lifted financials
  • Property stocks also lifted higher today

 

Local shares finished higher by 0.3% on Friday despite opening lower this morning. For the week, the ASX 200 index was down over 1%.

Shares were buoyed by property and financials, while most other sectors traded in the red.

Real estate giant Goodman Group (ASX:GMG) lifted 2.5%, while lithium stocks were the pick of the Mining sector.

ANZ Bank (ASX:ANZ) rose almost 2% and grabbed early headlines after reporting first half earnings of $3.82bn, a record high and ahead of estimate. ANZ also delivered a strong increase in its net interest margin (NIM) of 7 basis points to 1.75%.

Macquarie Group (ASX:MQG) was flat despite full year profits hitting a record high of $5.18 billion. Macquarie said it would pay a $4.50 a share dividend, 40% of which is franked.

Energy stocks also tanked again today after crude prices dropped 10% in the last two days.

 

RBA downgrades inflation forecast

Sentiment also rose after the RBA said it was forecasting a slower inflation rate than in its February projections.

The central bank said the Australian economy will have a stronger economic recovery than expected, and that inflation would slow to 4% by year-end, from 4.3% expected in February.

Last month, Australian consumer confidence surged by 9.4% to the highest level since June 2022 as the RBA left interest rates on hold.

“Looking ahead, it seems that the RBA is now done with its hiking cycle, with rate cuts to occur in the second half of the year, which should help to increase consumer confidence significantly,” said Josh Gilbert, market analyst at eToro.

 

Big Tech continue to impress

Overnight, Apple beat earnings as well as revenue estimates to cap off a solid earnings season for US big tech.

Apple delivered revenue of US$94.84 billion, a 3% drop year-over-year, which was better than the market had initially feared.

But the key focus here was its solid beat on iPhone revenue at $51.33 billion, ahead of $48.97 billion in estimates.

“A key in the continued growth story for Apple is China, and revenue showed signs of recovery as the world’s second largest economy opened back up – a massive boost,” said Gilbert.

“It certainly won’t be plain sailing for Apple from here, and though there may be some question marks over demand for the full year, Apple’s ecosystem is solid.”

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
WBT Weebit Nano Ltd 6.89 7.49 1,138,011 $1,190,589,304
ING Inghams Group 2.98 5.30 1,026,597 $1,051,853,271
RMS Ramelius Resources 1.42 5.19 4,152,412 $1,178,885,706
STX Strike Energy Ltd 0.46 4.55 2,530,509 $1,104,774,756
JLG Johns Lyng Group 6.78 4.15 1,538,743 $1,703,437,217
PLS Pilbara Min Ltd 4.40 4.02 23,713,264 $12,682,310,693
AKE Allkem Limited 12.44 3.71 2,987,893 $7,645,520,451
MCY Mercury NZ Limited 5.91 3.68 927 $7,904,719,416
PDN Paladin Energy Ltd 0.64 3.66 5,107,288 $1,832,778,331
LTR Liontown Resources 2.85 3.64 11,154,727 $6,045,750,241
CIP Centuria I REIT 3.23 3.19 1,378,853 $1,987,332,888
CXO Core Lithium 0.97 3.19 8,785,231 $1,747,005,786
CNI Centuria Capital 1.75 2.95 343,704 $1,355,655,566
GMG Goodman Group 19.98 2.94 1,443,031 $36,499,904,998
DXS Dexus 7.96 2.84 2,459,687 $8,324,875,004
CWY Cleanaway Waste Ltd 2.62 2.75 3,644,312 $5,676,919,931
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Cleanaway Waste Management (ASX:CWY) rose 2.5% after announcing the appointment of Clive Stiff as an independent non-executive director of the company.

Stiff is an experienced executive with over 35 years’ business experience in large public companies.

He has extensive experience in executive leadership roles, including as the former CEO of Unilever in Australia and New Zealand. He has also had executive leadership roles at Procter & Gamble and Goodman Fielder.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
VUK Virgin Money Uk PLC 2.77 -4.81 1,319,307 $2,040,617,651
CRN Coronado Global Res 1.59 -3.94 2,879,412 $2,766,148,655
ABC Adbri Limited 1.57 -3.54 524,462 $1,060,519,777
360 Life360 Inc. 5.07 -3.43 403,130 $1,044,159,338
WHC Whitehaven Coal 6.77 -3.42 6,528,491 $6,122,309,393
SMR Stanmore Resources 2.84 -2.74 1,914,647 $2,632,063,571
NHC New Hope Corporation 5.05 -2.70 3,537,423 $4,578,978,586
JDO Judo Cap Holdings 1.21 -2.42 808,100 $1,370,844,641
PNI Pinnacle Investment 8.73 -2.24 203,808 $1,796,431,053
YAL Yancoal Aust Ltd 5.30 -2.21 1,649,669 $7,156,781,749
RMD ResMed Inc. 34.51 -2.13 302,729 $14,859,407,419
AIZ Air New Zealand 0.70 -2.11 1,842,405 $2,391,609,664
SLR Silver Lake Resource 1.19 -2.06 6,606,390 $1,129,639,365
LFG Liberty Fin Group 3.90 -2.01 29,275 $1,209,139,415
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