Happy hump day!
It’s no news that inflation is creating cost blowouts everywhere…
But Dan Andrews takes the cake.
The Premier said that his government would abandon the Commonwealth Games, claiming the costs had blown out from $2.6 billion to more than $6 billion.
And now he’s paying $380m in compensation for backing out!
Click here to read more.
Across Markets…
A big jump in Domino’s Pizza and a rally in mining companies lifted the share market 0.4 higher amid a flurry of corporate results.
Tech stocks, however, slumped, led by a near 20 per cent plunge in logistics software company WiseTech after its earnings fell short of estimates. It was the biggest laggard on the index and posted the deepest daily loss in three years.
Supermarket chain Woolworths was also among the top 10 performers with a leap of 3.5 per cent after annual profits rose nearly 5 per cent to $1.62 billion.
Domino’s Pizza took the prime spot with a jump of 11.8 per cent after announcing job cuts. It was the strongest daily gain in three years. The food outlet reported a 74 per cent tumble in net profit and slashed its final dividend to 42.6¢ a share from 68.1¢.
Shares in energy company Santos plummeted to the lowest in one month and ended the session down 1 per cent after it reported a 32 per cent slump in first-half profit due to softer production and lower oil and LNG prices.
It was a tough day for non-bank lender Pepper Money, which plunged 14.1 per cent after slicing its interim dividend by a third and posting a big drop in profit.
The major banks rallied with Westpac up 1.2 per cent and CBA 0.8 per cent. ANZ rose 0.6 per cent and NAB added 0.4 per cent.
Stronger iron ore prices pushed mining giants higher. BHP Group leapt 1.9 per cent, Rio Tinto 2.4 per cent and Fortescue Metals 2.5 per cent.