The Australian share market experienced gains, with the ASX rising 0.2 per cent to 8867 points near noon AEST. This increase was largely driven by a strong rally in mining stocks. Meanwhile, shares in Super Retail Group took a hit, falling 3 per cent after the company announced the dismissal of its CEO.
Super Retail Group, owner of retail brands such as Rebel Sport, BCF and Supercheap Auto, terminated CEO Anthony Heraghty’s employment following the discovery of an undeclared office romance. The company informed investors that the decision was based on “new information” that had come to light.
In other news, CSL, a global biotechnology company specialising in plasma-derived therapies and influenza vaccines, is making a significant investment of $760 million in a Dutch bleeding disorder biotech firm. Chief executive Paul McKenzie announced this as the first major investment to fund new treatments through external partners as the group scales back its own research and development efforts. This strategic move signifies CSL’s commitment to expanding its portfolio through external collaborations and innovative therapies.
Political tensions also surfaced as Liberal party member Jonathon Duniam warned of a potential “mass exodus” if party leader Sussan Ley supports net zero emissions targets at any cost. Duniam suggested that several members of Ley’s frontbench could resign if the Coalition does not qualify or abandon its support for the environmental policy.
