28.08.202501:18:46UTC+00Aussie Stocks Drift, Corporate News in Focus

On Thursday, the S&P/ASX 200 exhibited fluctuations, settling around the 8,960 mark, as investors evaluated a series of fresh corporate announcements. The index faced pressure from the mining, healthcare, and tech sectors, each experiencing declines ranging from 1% to 2.5%. Notably, Telix Pharmaceuticals faced a significant drop of over 17%, reaching a one-year low after the FDA identified shortcomings in its kidney cancer drug data. Similarly, South32 fell by 3.1%, touching a three-month low despite reporting a substantial 75% profit increase from its alumina operations, as earnings failed to meet projections and dividends were reduced. Wisetech also saw further losses, declining by 5% following a downbeat earnings forecast. Conversely, Lynas Rare Earths saw a modest increase after announcing a capital raise of $487 million, even amidst a sharp decline in profits. Telstra Group surged nearly 19% on news of a €550 million bond issue, and NAB climbed 1.5% following the appointment of a new CFO, boosting the financial sector by 0.7%. Additionally, the market was influenced by hotter-than-expected July inflation data, diminishing the likelihood of the central bank implementing another rate cut in September, and prompting expectations for a possible adjustment later in the year.