Australian shares experienced mixed fortunes near midday AEDT. Commonwealth Bank (CBA) saw its shares surge, reaching a four-year high after posting a $5.4 billion profit. However, CSL shares plunged following a disappointing earnings report and the announcement of $1.6 billion in writedowns. Other companies in the news include SGH, which lifted its dividend, and AGL, whose profit dip was better than expected.
Commonwealth Bank reported strong loan growth as the economy strengthens, but CEO Matt Comyn expressed caution regarding potential further RBA cash rate increases. CBA is Australia’s largest bank, providing a range of financial services, including retail, business and institutional banking. CSL, a global biotechnology firm, saw its shares take a hit as analysts voiced concerns about the company’s ability to meet its full-year guidance.
In other corporate news, Domino’s has appointed Andrew Gregory, a global McDonald’s executive, as its new CEO. Jack Cowin, the pizza chain’s executive chairman, will work closely with Gregory as he assumes his role no later than August 5. Dexus is currently embroiled in a court case alleging that APAC chair Christine O’Reilly disregarded legal advice during a shareholder dispute.
