AU Morning Wrap: ASX Rises; Credit Corp Shares Plunge 15%
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• S&P 500 extends winning streak with fifth month of gains
• ASX rises ahead of RBA
• Stocks to watch: Credit Corp, BHP, CBA
- Moomoo News AU
• S&P 500 extends winning streak with fifth month of gains
• ASX rises ahead of RBA
• Stocks to watch: Credit Corp, BHP, CBA
- Moomoo News AU
Wall Street Summary
The S&P 500 rose on the final trading day of July and notched its fifth consecutive month of gains, its longest winning streak since 2021.
The $S&P 500 Index(.SPX.US$ finished up 3.1% for the month, while the tech-heavy $Nasdaq Composite Index(.IXIC.US$ added 4%. The $Dow Jones Industrial Average(.DJI.US$ clinched a 3.3% monthly gain.
The S&P 500 added 0.1% Monday, while the Nasdaq edged up 0.2%. The Dow industrials rose about 100 points, or 0.3%, boosted by shares of Chevron and Walt Disney.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ rose 0.4 per cent, or 21.3 points to 7431.7 ahead of the Reserve Bank's cash rate decision this afternoon.
The energy and materials sectors were the best performers at market open, rallying over 1 per cent.
The major iron ore producers climbed, tracking a higher iron price. Futures on the Singapore exchange advanced 0.2 per cent to $US107.55 a tonne in early morning trading.
$BHP Group Ltd(BHP.AU$ shares climbed 1.7 per cent, $Fortescue Ltd(FMG.AU$ rose 1.9 per cent and $Rio Tinto Ltd(RIO.AU$ advanced 0.9 per cent.
$Credit Corp Group Ltd(CCP.AU$ shares cratered 14.8 per cent after it reported a 5 per cent profit drop to $91.3 million. The company declared a final dividend of 47¢ a share.
Stocks to Watch
$CommBank(CBA.AU$: Commonwealth Bank has flagged it will recognise $212 million hit related to the transition of Bankwest' business portfolio to the mainline CBA brand and costs associated with a one-off levy for the compensations scheme of last resort implemented by parliament in June.
"In order to present a transparent view of the business' performance, the Group will exclude the items from underlying operating expenses. The Group will present operating expenses both on an underlying and headline basis," the company said.
$Credit Corp Group Ltd(CCP.AU$: Credit Corp Group's full-year net profit fell 5 per cent to $91.3 million.
The company declared a final dividend of 47¢ a share. Credit Corp's loan book grew 43 per cent to $358 million.
$Patriot Battery Metals Inc(PMT.AU$: Lithium play Patriot battery metals has entered a $C109 million ($123 million) private placement with NYSE-listed chemicals giant $Albemarle(ALB.US$.
Albemarle will subscribe for just over 7 million of Patriot Battery Metals TSX-V-listed shares at $C15.29 apiece, which represents a 7 per cent premium to the company's most recent closing price.
$Deterra Royalties Ltd(DRR.AU$: Royalty investment company Deterra has recorded $73 million in mining royalties in the latest quarter, taking its financial 2023 figure to $229 million.
Deterra said its Mining Area C asset, in the Pilbara region in Western Australia, generated $59.5 million in iron ore revenue royalties.
The company added that the 11.7 per cent increase recorded in sales volumes during the same period was offset by lower realised iron ore prices, resulting in flat royalty revenue on the prior quarter.
Trading Ex-div: None
Source: Dow Jones Newswires, AFR
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