The benchmark ASX 200 ended 0.30% higher driven by strength in Utilities and Tech stocks.
Company earnings dominated the headlines today with half-year results for a number of big names.
After providing upgraded operating profit guidance, AGL Energy (ASX:AGL) (ASX:AGK) shares jumped more than 10%. The energy company delivered a statutory profit of $576 million for the half year to December 31, a sharp improvement on the $1.1 billion loss in the same period a year earlier. That result came despite a fall in energy customer numbers and lower energy use.
AGL CEO Damien Nicks explained, "Our first half result was driven by improved fleet availability and flexibility, more stable market conditions, along with the impact of higher wholesale electricity pricing from prior periods being reflected in pricing outcomes and contract positions.”
Cochlear increased its earnings outlook for FY2024, projecting earnings of A$385-A$400 million, or growth of 26% to 31%, driven by robust implant revenue. Cochlear shares were up 4.56% on the news.
REA Group announced a 16% increase in its dividend following a 22% rise in net profit to A$250 million for the half-year, althoug teh company's shares closed 3.7% lower.
Toll road operator Transurban disclosed expectations for dividends to increase by 7% in financial 2024, buoyed by net profits which more than quadrupled to A$230 million.
News Corp (NASDAQ:NWSA) shares saw a 7% increase after reporting a 95% rise in its second-quarter profit to US$183 million, with sales growing by 3% to US$2.52 billion.
Mirvac Group, however, reported a swing to a statutory loss of A$201 million for the half-year, compared to A$215 million in the prior first half period. Its operating profit also fell 17% to A$252 million.
Charter Hall's results were impacted by rising finance costs, leading to a 7.1% decrease in operating earnings and dividends.
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