Australian shares close higher on consumer, tech strength; JB Hi-Fi surges
JB Hi-Fi top gainer on ASX200
CAR Group adds 4.5%
CBA & National Australia Bank to report later this week
RBNZ cash rate due Wednesday; July unemployment data for Australia due Thursday
Updates to close
By Sherin Sunny and Ayushman Ojha
Aug 12 (Reuters) –Australian shares ended higher for a second-straight session on Monday, as gains in consumer and technology stocks outweighed losses in resources stocks, with retailer JB Hi-Fi emerging as the top gainer to kick off a week busy with corporate earnings.
The S&P/ASX 200 index .AXJO closed 0.5% higher at 7,813.7 points.
Home entertainment retailer JB Hi-Fi JBH.AX hit a record high and closed 8.3% higher, after it announced a special dividend and reported better-than-expected annual results.
“JB Hi-Fi’s trading update is stronger than market expectations and increased inventory suggests management is confident of growth in fiscal 2025,” analysts at Citi said in a note.
The retailer’s update backed gains in peers such as Super Retail SUL.AX and Harvey Norman HVN.AX, which respectively ended 5%and 3.7%higher.
Online vehicle marketplace business CAR Group CAR.AX, formerly known as Carsales, added 4.5%after its annual revenue jumped to A$1.1 billion ($724.02 million).
Among stocks dragging the benchmark, Beach Energy BPT.AX ended over 12% lower after the firm, backed by local businessman Kerry Stokes, reported lower earnings and shocked investors with a big downgrade in gas reserves at a field in Victoria.
Rail operator Aurizon AZJ.AX fell to its lowest level in more than 16 months after it forecast underwhelming 2025 earnings and missed profit expectations.
Among sub-indexes, financials .AXFJ advanced 0.9% with the “Big Four” banks gaining between 0.6% and 1% as local unemployment data later in the week is set to show that the central bank would continue to hold interest rates and not hike.
Technology stocks .AXIJ rose 1.9% with IT-major Xero XRO.AX and software services provider Wisetech Global WTC.AX gaining 1.4% and 2.7%, respectively, tracking Western peers.
Mining .AXMM and energy shares .AXEJ, the two major commodity stocks, closed in the negative territory.
New Zealand’s benchmark S&P/NZX 50 index .NZ50 closed 0.3% higher at 12,281.3 points, with investors awaiting the central bank’s cash rate decision due later in the week.
($1 = 1.5193 Australian dollars)
Reporting by Sherin Sunny and Ayushman Ojha in Bengaluru; Editing by Janane Venkatraman
For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
link
