The Australian share market experienced a mixed day, with a rally in the big four banks pushing the ASX 200 higher near midday AEST. This positive momentum helped to counteract a sharp decline in the share price of James Hardie, which plunged 27 per cent.
James Hardie is a global building materials company, manufacturing and selling fibre cement and related products. The company focuses on providing solutions for exterior and interior building construction.
In other news, Transurban is considering bids for new US toll roads following a reported 52 per cent drop in net profit. Investors are keen to see the company demonstrate growth opportunities, particularly as options within Australia are perceived as limited. Meanwhile, concerns are mounting among residents in Sydney’s Rose Bay regarding a surge in development and the potential risks it poses to the low-lying area, drawing comparisons to Mascot Towers.
Overseas, Federal Reserve chairman Jerome Powell is preparing to deliver a crucial speech amidst increasing pressure from Donald Trump and internal dissent within the central bank. The market is also closely watching Nvidia’s earnings, with a new report raising concerns about the artificial intelligence boom and its potential impact.
