Latest news with #CameronMcCormack
West Australian
04-06-2025
- Business
- West Australian
ASX closes on brink of record high, as CBA continues to soar
Australia's stock market soared to within one per cent of a record high as investors factored in interest rate cuts and the Commonwealth Bank became the first Australian company to surpass the $300bn market cap. The benchmark ASX 200 index gained 75.10 points or 0.89 per cent to 8,541.80 points while the broader all ordinaries also finished higher up 79.30 or 0.91 per cent to 8,770.20. The Australian dollar slid 0.09 per cent and is now buying 64.56 US cents. Wednesday's trading was dominated by CBA, which saw Australia's largest bank pass $181 a share for the first time. VanEck senior portfolio manager Cameron McCormack said CBA's 'remarkable' rally continued as the major bank passed a $300bn market cap, thanks to weaker resources stock. 'Particularly offshore investors looking at the Australian market are more likely to prefer the local banks as they tend to outperform when resources underperform,' he said. 'We are not looking at a reverse of that trend.' But CBA was not alone, with Westpac shares also rallying 1.47 per cent to $33.10 even though ASIC made the decision to start legal proceedings against subsidiary RAMS for alleged systemic misconduct. NAB also jumped 1.07 per cent to $38.60 and ANZ rose 0.95 per cent to $29.64. On an overall positive day, nine of the 11 sectors finished in the green led by energy, consumer discretionary and financial stocks. Woodside Energy rose 2.89 per cent to $22.80, Santos gained 0.92 per cent to $6.59 and Yancoal Australia added 1.93 per cent to $5.29. Wesfarmers shares gained 0.59 per cent to $84.60, JB Hi Fi rallied 2.05 per cent to $112.24 and Harvey Norman jumped 2.98 per cent to $5.53. Australia's share market followed a late rally on Wall Street overnight on better than expected US job openings which showed businesses were looking for 7.4 million staff members in April. A strong lead in from Wall Street and worse than expected ABS data which showed Australia is back in a GDP per capita recession helped boost the local market. Mr McCormack said the market reacted positively to a GDP print showing economic growth of just 0.2 per cent for the quarter or 1.3 per cent for the year. 'The market is starting to price in more rate cuts on the back of some of the softer data coming through, including the weaker export data,' he said. In company news Virgin Australia announced plans to return to the ASX via a $685m initial public offering. The IPO priced at $2.90 per share and if the shares are fully subscribed will re-list at a market value of around $2.3bn. Japanese entertainment giant MIXI has upped its bid to buy Australian gambling company Pointsbet and is now offering $402m to take over the company. Shares in Pointsbet rallied 10.60 per cent to $1.20. Fashion-forward jewellery and accessories brands Lovisa announced a change in leadership with Mark McInnes moving into the role of executive deputy chairman. Shared surged 9.10 per cent to $32 on the announcement. DroneShield shares marched higher up 12.50 per cent to $1.58 on news the UK government is planning on spending GBP 2bn or $AU4.2bn to boost its drone technology in an effort to boost its military capabilities.
Perth Now
04-06-2025
- Business
- Perth Now
ASX extends run as it approaches highest
Australia's stock market soared to within one per cent of a record high as investors factored in interest rate cuts and the Commonwealth Bank became the first Australian company to surpass the $300bn market cap. The benchmark ASX 200 index gained 75.10 points or 0.89 per cent to 8,541.80 points while the broader all ordinaries also finished higher up 79.30 or 0.91 per cent to 8,770.20. The Australian dollar slid 0.09 per cent and is now buying 64.56 US cents. Wednesday's trading was dominated by CBA, which saw Australia's largest bank pass $181 a share for the first time. The Commonwealth Bank became the first Australian company to pass the $300bn market cap. NewsWire / Luis Enrique Ascui Credit: News Corp Australia VanEck senior portfolio manager Cameron McCormack said CBA's 'remarkable' rally continued as the major bank passed a $300bn market cap, thanks to weaker resources stock. 'Particularly offshore investors looking at the Australian market are more likely to prefer the local banks as they tend to outperform when resources underperform,' he said. 'We are not looking at a reverse of that trend.' But CBA was not alone, with Westpac shares also rallying 1.47 per cent to $33.10 even though ASIC made the decision to start legal proceedings against subsidiary RAMS for alleged systemic misconduct. NAB also jumped 1.07 per cent to $38.60 and ANZ rose 0.95 per cent to $29.64. On an overall positive day, nine of the 11 sectors finished in the green led by energy, consumer discretionary and financial stocks. Woodside Energy rose 2.89 per cent to $22.80, Santos gained 0.92 per cent to $6.59 and Yancoal Australia added 1.93 per cent to $5.29. Wesfarmers shares gained 0.59 per cent to $84.60, JB Hi Fi rallied 2.05 per cent to $112.24 and Harvey Norman jumped 2.98 per cent to $5.53. On an overall positive day, nine of the 11 sectors closed in the green. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia Australia's share market followed a late rally on Wall Street overnight on better than expected US job openings which showed businesses were looking for 7.4 million staff members in April. A strong lead in from Wall Street and worse than expected ABS data which showed Australia is back in a GDP per capita recession helped boost the local market. Mr McCormack said the market reacted positively to a GDP print showing economic growth of just 0.2 per cent for the quarter or 1.3 per cent for the year. 'The market is starting to price in more rate cuts on the back of some of the softer data coming through, including the weaker export data,' he said. In company news Virgin Australia announced plans to return to the ASX via a $685m initial public offering. The IPO priced at $2.90 per share and if the shares are fully subscribed will re-list at a market value of around $2.3bn. Japanese entertainment giant MIXI has upped its bid to buy Australian gambling company Pointsbet and is now offering $402m to take over the company. Shares in Pointsbet rallied 10.60 per cent to $1.20. Fashion-forward jewellery and accessories brands Lovisa announced a change in leadership with Mark McInnes moving into the role of executive deputy chairman. Shared surged 9.10 per cent to $32 on the announcement. DroneShield shares marched higher up 12.50 per cent to $1.58 on news the UK government is planning on spending GBP 2bn or $AU4.2bn to boost its drone technology in an effort to boost its military capabilities.
Yahoo
28-05-2025
- Business
- Yahoo
ASX snaps four day winning streak
The Australian sharemarket fell from a three and a half month high on Wednesday as profit taking and an unflattering inflation read spooked investors during the afternoon's trading. The S&P/ASX200 closed lower on Wednesday, dropping 10.70 points or 0.13 per cent to 8,396.90. Meanwhile, the broader All Ordinaries slipped 6.60 points or 0.08 per cent to 8,624.90. The Australian dollar was also down 0.1 per cent over the trading day buying US64.35 cents. On a mixed day for the market, six of the 11 sectors still finished in the green even though the overall ASX declined during Wednesday's trading. Some of the intraday falls in the ASX200 came after the Australian Bureau of Statistics monthly CPI indicator came in at 2.4 per cent for the year until April, slightly beating expectations of 2.3 per cent. The major banks shed earlier gains with Commonwealth Bank slumping 0.9 per cent to $173.79, Westpac slipped 0.98 per cent to $31.47, NAB down 1.09 per cent to $37.34 and ANZ shed 0.62 per cent to $28.88. The two major supermarket chains also fell marginally, with Woolworths shares sliding 0.25 per cent to $31.73 and Coles slumping 0.40 per cent to $21.60. BHP shares are trading in the red down 0.49 per cent to $38.45, Rio Tinto shares slid 0.94 per cent to $114.17 and Fortescue shares fell 0.19 per cent to $15.55. VanEck senior portfolio manager Cameron McCormack said Wednesday's read could threaten the pace of interest rate changes. 'We are also conscious that the cost savings on electricity from government rebates are starting to wear off, with prices inching up since last month,' he said. 'Higher power bills will impact businesses, with additional costs passed onto consumers. 'Domestic inflationary pressures could be exacerbated by global price increases as US tariffs start to make more of an impact on global supply chains and geopolitical conflicts threaten to increase the price of commodities and other goods in the near future.' In company news shares in travel company Web Travel soared despite announcing earnings before interest, tax, depreciation and amortisation fell to $120m for the financial year, down from $139m. But the company said bookings had urged 20 per cent, while travel spending was also up 22 per cent. The company also said it completed $150m in share buyback back program while still holding $63.6m in cash as of March. Woodside gas shares jumped 3.22 per cent to $22.12 after it was announced the Albanese government would extend the life of its North West Shelf gas development until 2070. Major rival Santos also rose 1.9 per cent to $6.55 throughout the trading day. Fisher Paykel fell 4.8 per cent to $32.49 despite the company announcing a 43 per cent jump in full-year profits. Goodman Group added 0.86 per cent to $32.96 on the back of reaffirming its market guidance.
West Australian
28-05-2025
- Business
- West Australian
ASX falls on latest inflation print
The Australian sharemarket fell from a three and a half month high on Wednesday as profit taking and an unflattering inflation read spooked investors during the afternoon's trading. The S&P/ASX200 closed lower on Wednesday, dropping 10.70 points or 0.13 per cent to 8,396.90. Meanwhile, the broader All Ordinaries slipped 6.60 points or 0.08 per cent to 8,624.90. The Australian dollar was also down 0.1 per cent over the trading day buying US64.35 cents. On a mixed day for the market, six of the 11 sectors still finished in the green even though the overall ASX declined during Wednesday's trading. Some of the intraday falls in the ASX200 came after the Australian Bureau of Statistics monthly CPI indicator came in at 2.4 per cent for the year until April, slightly beating expectations of 2.3 per cent. The major banks shed earlier gains with Commonwealth Bank slumping 0.9 per cent to $173.79, Westpac slipped 0.98 per cent to $31.47, NAB down 1.09 per cent to $37.34 and ANZ shed 0.62 per cent to $28.88. The two major supermarket chains also fell marginally, with Woolworths shares sliding 0.25 per cent to $31.73 and Coles slumping 0.40 per cent to $21.60. BHP shares are trading in the red down 0.49 per cent to $38.45, Rio Tinto shares slid 0.94 per cent to $114.17 and Fortescue shares fell 0.19 per cent to $15.55. VanEck senior portfolio manager Cameron McCormack said Wednesday's read could threaten the pace of interest rate changes. 'We are also conscious that the cost savings on electricity from government rebates are starting to wear off, with prices inching up since last month,' he said. 'Higher power bills will impact businesses, with additional costs passed onto consumers. 'Domestic inflationary pressures could be exacerbated by global price increases as US tariffs start to make more of an impact on global supply chains and geopolitical conflicts threaten to increase the price of commodities and other goods in the near future.' In company news shares in travel company Web Travel soared despite announcing earnings before interest, tax, depreciation and amortisation fell to $120m for the financial year, down from $139m. NED-9108-Monthly-Inflation-Indicator But the company said bookings had urged 20 per cent, while travel spending was also up 22 per cent. The company also said it completed $150m in share buyback back program while still holding $63.6m in cash as of March. Woodside gas shares jumped 3.22 per cent to $22.12 after it was announced the Albanese government would extend the life of its North West Shelf gas development until 2070. Major rival Santos also rose 1.9 per cent to $6.55 throughout the trading day. Fisher Paykel fell 4.8 per cent to $32.49 despite the company announcing a 43 per cent jump in full-year profits. Goodman Group added 0.86 per cent to $32.96 on the back of reaffirming its market guidance.
Perth Now
28-05-2025
- Business
- Perth Now
ASX snaps four day winning streak
The Australian sharemarket fell from a three and a half month high on Wednesday as profit taking and an unflattering inflation read spooked investors during the afternoon's trading. The S&P/ASX200 closed lower on Wednesday, dropping 10.70 points or 0.13 per cent to 8,396.90. Meanwhile, the broader All Ordinaries slipped 6.60 points or 0.08 per cent to 8,624.90. The Australian dollar was also down 0.1 per cent over the trading day buying US64.35 cents. On a mixed day for the market, six of the 11 sectors still finished in the green even though the overall ASX declined during Wednesday's trading. Six of the 11 sectors finished in the green. NewsWire / Jeremy Piper Credit: News Corp Australia Some of the intraday falls in the ASX200 came after the Australian Bureau of Statistics monthly CPI indicator came in at 2.4 per cent for the year until April, slightly beating expectations of 2.3 per cent. The major banks shed earlier gains with Commonwealth Bank slumping 0.9 per cent to $173.79, Westpac slipped 0.98 per cent to $31.47, NAB down 1.09 per cent to $37.34 and ANZ shed 0.62 per cent to $28.88. The two major supermarket chains also fell marginally, with Woolworths shares sliding 0.25 per cent to $31.73 and Coles slumping 0.40 per cent to $21.60. BHP shares are trading in the red down 0.49 per cent to $38.45, Rio Tinto shares slid 0.94 per cent to $114.17 and Fortescue shares fell 0.19 per cent to $15.55. VanEck senior portfolio manager Cameron McCormack said Wednesday's read could threaten the pace of interest rate changes. 'We are also conscious that the cost savings on electricity from government rebates are starting to wear off, with prices inching up since last month,' he said. The ASX snapped a four day winning streak on Wednesday. NewsWire / Max Mason-Hubers Credit: News Corp Australia 'Higher power bills will impact businesses, with additional costs passed onto consumers. 'Domestic inflationary pressures could be exacerbated by global price increases as US tariffs start to make more of an impact on global supply chains and geopolitical conflicts threaten to increase the price of commodities and other goods in the near future.' In company news shares in travel company Web Travel soared despite announcing earnings before interest, tax, depreciation and amortisation fell to $120m for the financial year, down from $139m. NED-9108-Monthly-Inflation-Indicator But the company said bookings had urged 20 per cent, while travel spending was also up 22 per cent. The company also said it completed $150m in share buyback back program while still holding $63.6m in cash as of March. Woodside gas shares jumped 3.22 per cent to $22.12 after it was announced the Albanese government would extend the life of its North West Shelf gas development until 2070. Major rival Santos also rose 1.9 per cent to $6.55 throughout the trading day. Fisher Paykel fell 4.8 per cent to $32.49 despite the company announcing a 43 per cent jump in full-year profits. Goodman Group added 0.86 per cent to $32.96 on the back of reaffirming its market guidance.
