The Australian sharemarket opened at higher on Thursday after ANZ smashed market expectations with a $1.94 billion cash profit in the December quarter.
The S&P/ASX 200 Index rose 40 points, or 0.4% to 9054.80 at 10.13am AEDT.
ANZ soared 7.4% in the opening minutes after cost-cutting helped lift its profits over the latest quarter, up 17% on average of the two previous quarters, to $1.94 billion. The result was ahead of market expectations by 8%.
Commonwealth Bank rose a further 1.1% after its best trading session since 2020 on Wednesday, while Westpac added 2% and National Australia Bank by 0.4%.
Utilities were the strongest sector, buoyed by a 5.7% uplift in Origin Energy, after it upgraded core EBITDA for the energy markets to $1.55 billion to $1.75 billion from $1.4 billion to $1.7 billion. It came as its half-year profit before one-time items, the figure most closely watched by the market, dropped 36% to $593 million, narrowly beating the consensus estimate of $589 million.
AMP tumbled 25.8% as it investors reacted to a 11.3% drop in full-year net profit to $133 million after the “settlement of legacy legal matters and business simplification”.
Online homewares and furniture retailer Temple & Webster plunged 23.6% as it suffered a 36% slump in net profit after tax to $5.76 million in the six months ended December 31.
Pro Medicus dived 15% as reported a first-half profit of $171.2 million, up 230.9% from a year earlier, as revenue and contract wins accelerated in North America.
South32 gained 4.7% as it recorded half-year underlying net profit of $US464 million ($651 million), up 29% on the year earlier.
Paladin Energy rose 1.1% as it recorded a net loss after tax of $US6.6 million, narrowing from a $US15.1 million loss a year ago, reflecting ongoing ramp-up costs at Langer Heinrich and expenses linked to the Fission Uranium acquisition, TSX listing and financing activities.
Troubled market operator the Australian Securities Exchange’s fell 2.6% as its net profit jumped 8.3% to $263.6 million in the six months to December 31, but the gains were wiped off by a 20% rise in expenses.
Strong growth in demand for aluminium cans has helped Orora to offset continued softness in demand for glass bottles in the wine and spirits industries. Shares rose 6.8%.
Lendlease edged up 0.2% as chief executive Tony Lombardo announced he would step down in August, following the release of the company’s full-year results, to take up a job in South-East Asia.
Breville fell 6% as earnings before interest, taxes, depreciation, and amortisation increased 2.9% to $182.8 million.