ASX updates: All the latest news from company reporting season on the Australian market

The Australian share market is modestly higher despite a big falls by Woolworths and WiseTech Global and an unexpected jump in domestic inflation that weakens the case for more rate cuts.

Around 1.15 pm AEST, the benchmark ASX200 index was up 14.2 points, or 0.16 per cent, to 8,949.8, while the broader All Ordinaries had gained 10.3 points, or 0.11 per cent, to 9,217.0.

The ASX200 lost 18 points in the space of a minute after the Australian Bureau of Statistics reported a higher-than-expected jump in consumer prices in July, but had since made up those losses.

The ABS said inflation in the year to July had been 2.8 per cent, up from 1.9 per cent in the year to June.

“This is the highest annual inflation rate since July 2024, following several months of easing inflation,” said Michelle Marquardt, ABS head of prices statistics.

HSBC chief economist Paul Bloxham said while this was only one month’s worth of data, the upside surprise had been substantial.

“Today’s figures increase the risk that the RBA is close to the end of its easing phase,” he said.

Betashares chief economist David Bassanese called the report an “absolute shocker” that crushed hopes for a rate hike in September, but said the Reserve Bank might still trim them in November.

In early afternoon trading, seven of the ASX’s 11 sectors were higher and four were lower.

The consumer staples sector was down 4.6 per cent, dragged by a 13.0 per cent plunge by Woolworths as Australia’s biggest supermarket chain slashed its dividend after a 17 per cent drop in profit.

Coles, which appears to be taking market share from Woolworths, was up 2.9 per cent after posting an 8.5 per cent gain on Tuesday.

Wisetech Global dropped 10.1 per cent after Australia’s largest tech company delivered a mixed full-year earnings report, beating expectations on profit but missing on revenue.

In the heavyweight mining sector, BHP was up 1.2 per cent, Rio Tinto had advanced 1.1 per cent and Fortescue was down 1.0 per cent.

All of the big four banks were higher, with ANZ, CBA and NAB all climbing 0.4 per cent, and Westpac advancing 0.1 per cent.

The Australian dollar was trading for 64.90 US cents, from 64.80 US cents at Tuesday’s ASX close.

By AAP.

Woolworths chief executive Amanda Bardwell has conceded the supermarket giant’s performance is not up to scratch and vowed to restore it to growth after profits slumped in the 2025 financial year.

Read the full story here:

Investors have responded positively to full-year results from furnishings retalier Adairs.

The group booked a 17.9 per cent lower profit for the year of $25.7 million, but also delivered a 6.5 per cent sales uplift across its stores.

Its namesake business booked record sales of $442.2 million, higher by 9.5 per cent year on year.

Managing director and group chief executive Elle Roseby said the 2025 financial year marked “the beginning of a strategic reset for the group.”

Adairs stock was up 12.45 per cent on the update to trade at $2.58.

Oil and gas explorer Invictus Energy said that it will sell a 19.9 per cent stake to a Qatari investment firm, which will help fund one of its projects in Zimbabwe.

Al Mansour Holdings will purchase the stake for $37.8 million, Invictus said in a statement on Wednesday.

The Qatari company has pledged to provide as much as $US500 million in future financing to develop the Cabora Bassa project in the southern African nation, it said.

Separately, Al Mansour - set up by Qatari’s Sheikh Mansour bin Jabor bin Jassim Al Thani - and Invictus are forming a joint venture to acquire other oil and gas assets in Africa.

By Bloomberg.

Inflation has bounced back sharply in fresh monthly data just one day after the Reserve Bank signalled a fourth interest rate cut was likely within months.

Read the latest here:

Embattled casino company Star Entertainment is again embroiled in financial chaos, this time over a $430m loan.

“In its half-year results announcement to the ASX on April 15, 2025, the company noted that it continued to rely on the support of its lenders under the senior facility agreement, including of likely covenant waivers post June 30,” Star said.

“Accordingly, The Star has been, and continues to be, in discussions with the SFA lender group in respect of potential covenant waivers for September 30 and December 31 2025.

“The SFA lender group has proposed various terms in exchange for providing the requested covenant waivers, which, in aggregate, are unacceptable to The Star.”

The company’s failure to secure waivers means it is now struggling to lodge audited financial results for the 2025 financial year, though it said it would likely lodge unaudited accounts with the ASX on Friday.

Star operates casinos in Brisbane, Sydney and the Gold Coast.

In July last year, the company boasted a market capitalisation of $1.5bn.

Now it is valued at $280m, with its shares trading at 10c.

The gaming giant is running out of cash and confronting a severe downturn in revenues as an exodus of high rollers and cost-of-living pressures hit the business.

It is also battling a tangled swirl of corporate watchdog investigations and penalties for serious failures at its operations.

In October 2022, the NSW Independent Casino Commission imposed a $100m fine on Star after finding the company had allowed money laundering to take place at its Sydney casino.

By Newswire.

Investors have not taken kindly to Domino’s full year results.

Shares in the company were down more than 20 per cent in early trade, changing hands at about $15.27.

It comes after the pizza making and delivery business posted a $3.7 million loss for the 2025 financial year following a $96m profit the year prior.

Market Analyst at eToro Josh Gilbert said the results had delivered “more disappointment.”

He said “leadership instability” continued to cloud the investment case for the business and “only deepens the problem”.

“In the space of a year, long-serving CEO Don Meij retired, his successor Mark van Dyck stepped down after only months, and investors are still waiting for a clear strategy. A revolving door in the boardroom makes it harder for investors to buy into a long-term growth story.”

“Quick fixes like store closures and simplified menus may ease the pain, but winning back customers and rebuilding profitability will take time.”

He said the market would likely be encouraged by a renewed focus on cost savings and tighter capital discipline, and said the call to only open new stores when profitability is sustainable as “sensible.”

Mr Gilbert said the turnaround was “a tough task at hand and said “a strong leader is needed.”

“This isn’t going to be an overnight turnaround, with rising costs, delivery platform competition and pressure on franchisees, confidence won’t be easily restored.”

Wholesale mortgage broker Australian Finance Group expects good lending conditions to keep supporting profit into the 2026 financial year.

AFG lifted net earnings 21 per cent to $35 million in the 12 months to June 30, backed by $63 billion of residential settlements across its 4200-strong national network of brokers.

It said Australia’s housing finance continued to gain momentum, thanks to tight home supply and strong employment.

“With interest rates falling, the environment is conducive to increased home loan activity,” managing director David Bailey said.

The company will pay a final dividend of 5.3 cents

Tabcorp reported a 76.8 per cent uplift in its net profit excluding one-off items, and returned to a $36.6m statutory profit from a $1.3 billion loss the year prior.

Revenues grew 11.8 per cent to $2.61 billion on a stronger year for its betting business, and after Tabcorp managed to secure a new wagering licence in Victoria.

Group EBITDA was higher by 23.2 per cent to $391.5m.

The group pushed down operating costs by 2.4 per cent, or $39m, and capital expenditure was down by $35m as part of an “aggressive” savings drive.

Chief executive Gillon McLachlan said the result represented “a fitter company.”

““We have increased our wagering and media capability at the leadership level, developed a simpler, more cost-effective operating model and are operating with a bias for action and increased accountability.”

Asset and remediation business Duratec is aiming to tap increased defence spending in WA after rolling out some record financial numbers for the 2025 financial year.

The group worked on more than 40 defence bases across the country over the 12 months, including upgrades at HMAS Stirling.

“These projects, and the $8 billion earmarked for defence infrastructure in WA, represent long-term, high value opportunities that will provide a robust pipeline for the 2026 financial year and shape Duratec’s defence pipeline for years to come,” managing director Chris Oates said.

Revenue rose 3.1 per cent to a record $573 million, with defence accounting for $181.4m, while net profit was $1.4m better at $22.8m.

Duratec focuses on extending the life of steel and concrete structures, including bridges, mining plants and heritage buildings.

Directors declared a final dividend of 2.5 cents, making 4.25 cents for the year.