The ASX has logged its biggest daily gain since July, with the benchmark ASX200 Index rising by 0.54%, or 38 points, to reach 7,159.9. This did help trim the ASX’s losses for the week that now sit at -1.99%.
Consumer staples led today’s gains, rising 1.89% on the back of Woolworths Ltd 3.51% gain after posting a 4.6% lift in annual profit to $1.62 billion and a massive 19.1% rise in earnings before interest and tax in Woolworths’ flagship food business.
While welcome news to Woolworths shareholders, the impressive result prompted claims of price gouging of consumers.
Domino's Pizza also finished higher, gaining 11.81% after announcing job cuts off the back of a 74% fall in net profit and the slashing of its final dividend to 42.6¢ per share from 68.1¢. Domino's, meanwhile, has promised no more pizza price rises.
Materiala (+1.50%) and Consumer Discretionary (+1.14%) also ended in the green. Tech stocks, however, didn’t fare so well, slumping by 5.15%, led by a 19.62% decline in WiseTech after its earnings fell short of estimates.
Non-bank lender, Pepper Money, also suffered a heavy fall, losing 14.15% after posting a big drop in profit and slashing its dividend.
Energy was another out of favour sector today (-0.68%) with Santos ending the day down 1.02% at $7.73 after it reported a 32% fall in first-half profit amid softer production and lower oil and LNG prices.
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