The Australian share market surged to fresh record highs on Thursday, lifted by results from Westpac and gains across the Utilities and Financial sectors.
The S&P/ASX 200 climbed 46.70 points, or 0.53%, to 8,873.80, with eight of the 11 sectors posting gains.
Utilities led the charge, driven by a 6.3% rise in Origin Energy after reporting a 26% increase in full-year core net profit.
Financials rebounded following heavy losses on Wednesday. Westpac soared 6.3% after reporting a 14% rise in third-quarter net profit after tax (NPAT) to A$1.9 billion, marking its biggest one-day gain since September 2020.
Commonwealth Bank fell 1.1%, while National Australia Bank added 1.9%, and ANZ rose 2%.
In contrast, communication services were the weakest sector as Telstra declined 2.6%, despite posting a 31% increase in annual net profit to $2.34 billion and announcing a new $1 billion share buyback.
Among other earnings updates, ASX Limited dropped 1.2% after reporting a full-year profit of $510 million, supported by its technology, data, and markets units.
Suncorp jumped 3.6% following a 52% rise in net profit to A$1.8 billion, boosted by the sale of its banking arm to ANZ.
South32 was the largest decliner, falling 5.2% after revealing a US$372 million impairment on its Mozal aluminium smelter in Mozambique and warning of a potential shutdown without a new power supply agreement.
Healthcare imaging software provider Pro Medicus gained 6.2% after posting a 40% increase in net profit to $115.2 million, in line with expectations, as new contracts with U.S. hospitals and radiology clinics supported growth.
Temple & Webster surged 8.8% after posting a net profit after tax of $11.3 million, up 532.8% from $1.8 million in FY24.
On the data front, Australia’s unemployment rate fell to 4.2% in July, down from 4.3% in June, meeting market expectations.
On the bond market, 10-year and 2-year yields rose 0.3% and 0.2%, finishing at 4.214% and 3.302%, respectively.
