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Australian Stock Market Shows Modest Gains

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Australian Stock Market,Gains,Real Estate

The S & P/ASX200 and All Ordinaries indexes in Australia experienced slight gains, with real estate and consumer stocks leading the way. However, miners, particularly iron ore miners, performed poorly due to a decline in commodity prices. In company news, Inghams Group reported strong earnings, while mining support firm Chrysos entered into a partnership with Barrick Gold and MSALABS. Origin Energy faced a setback as AustralianSuper announced its intention to vote against a takeover bid.

The S & P/ASX200 gained just 0.1 per cent, or 7.8 points, to reach 6,780.7. The All Ordinaries also rose, adding 7.3 points to 6,967.5.

In company news, shares in Inghams Group soared 7.9 per cent to $3.68, the highest since October 2021 after the poultry producer announced a half yearly statutory earnings of $247 million before interest, tax and amortisation in the first half of FY2024 Treasury Wine Estates, owner of Penfolds, announced its plans to acquire Daou Vineyards based in California. Picture: Supplied

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