AU Morning Wrap: ASX Pushes Higher as Miners Rally, Lendlease Sinks

On Friday, interest-rate-sensitive technology and real-estate stocks led indexes lower. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ lost 0.8 per cent. The $S&P 500 Index(.SPX.US)$ shed 0.5 per cent. The $Dow Jones Industrial Average(.DJI.US)$ fell 0.4 per cent, or 145 points. Each index ended the week lower, the first weekly decline for any of them since early January.

The $S&P/ASX 200(.XJO.AU)$ is 11 points or 0.1 per cent higher shortly after the opening bell, shrugging off a weak lead from Wall Street on Friday.

Early in trade, miners are the standout performer, up 1.8 per cent, with $Rio Tinto Ltd(RIO.AU)$, $Fortescue Ltd(FMG.AU)$ and $BHP Group Ltd(BHP.AU)$ all up around 2 per cent following a jump in the iron ore price as Chinese steelmakers return from Luna New Year break.

Real estate stocks are 1 per cent lower, following a flurry of reports from the sector, including $GPT Group(GPT.AU)$, $McGrath Ltd(MEA.AU)$ and $Lendlease Group(LLC.AU)$, the latter of which is down 14.1 per cent.

$The a2 Milk Co Ltd(A2M.AU)$: A2 Milk has jumped 13.5 per cent to $5.73 after it managed to inch its revenue and profit higher in the first half of FY24, attributing the rise to growth in its Chinese market products.

$Seven Group Holdings Ltd(SVW.AU)$: Kerry Stokes' Seven Group has made an offer to buy the remaining 28.4 per cent stake in Boral it doesn't already own. Boral is up 2.9 per cent to $6.02 and Seven is 2.2 per cent lower $39.88.

$Westpac Banking Corp(WBC.AU)$: Westpac says it made $1.5 billion in cash profit over the first quarter of its calendar year, 6 per cent lower than the average of its two previous halves, as competition for loans and deposits squeezed the net interest margin to 1.78 per cent. Shares are down 0.5 per cent to $24.45

$Cochlear Ltd(COH.AU)$: Medtech developer Cochlear's has dropped 1.8 per cent to $328.61 despite declaring its largest interim dividend in at least a decade.

$BlueScope Steel Ltd(BSL.AU)$: BlueScope Steel has recorded a jump in earnings but warned the outlook for the second half of the financial year is likely to be weaker due to "unprecedented softness in Asian steel spreads". Shares are 1.8 per cent lower at $22.44.

$Bendigo and Adelaide Bank Ltd(BEN.AU)$: Bendigo and Adelaide Bank has dropped 3.8 per cent to $9.51 after posting a 5 per cent fall in interim cash profits to $268.2 million as competition in mortgages took a big toll on profit margins.

$Reliance Worldwide Corp Ltd(RWC.AU)$: Plumbing supplies group Reliance Worldwide has reported a drop in profits and unveiled a new share buyback to help meet its shareholder payout plans. Shares are 6.1 per cent higher at$4.68.

$Ampol Ltd(ALD.AU)$: Petrol retailer and refiner Ampol is 1.1 per cent higher at $37.99 after reporting a decline in its half-year profit but has rewarded shareholders with a dividend boost.