The Australian sharemarket has surged past a new milestone, hitting a record high of 8900. This marks the fifth consecutive session of record highs near noon AEST. In company news, Baby Bunting shares have soared by 27 per cent, while Ampol has seen a lift following its $1.1 billion acquisition of EG. Mirvac has declared a 4.5¢ distribution, and Cochlear has reported an earnings miss.
In other business news, cybersecurity giant CyberCX has been sold to Accenture in a deal worth over $1 billion. CyberCX is a major player in the cybersecurity sector, often involved in addressing significant national technology breaches. Mirvac, one of the first large listed developers to report full-year figures, says conditions are already improving as housing picks up, despite a 16 per cent fall in residential earnings.
Elsewhere, the rising cost of dining out is becoming apparent, with restaurant prices increasing by 25 per cent. This is exemplified by Justin Hemmes serving $75 pasta dishes. Adding to economic discussions, an AI expert has criticised the notion that artificial intelligence will create jobs, calling it “absolute crap”.
Meanwhile, in regulatory news, 30 childcare centres are facing compliance checks under new powers. These centres have six months to improve their standards or risk losing access to subsidies.
