The Australian share market experienced gains, driven by BHP’s strong performance. BHP’s shares surged to a 52-week high after the company announced a significant boost to its dividend following a 28 per cent jump in half-year profit, reaching $8 billion. This was largely fuelled by rising copper prices and advancements in its $9.8 billion Argentina project, signalling a strategic pivot from iron ore.
In other news, the Australian Securities Exchange (ASX) is set to simplify governance rules for listed companies. Former Reserve Bank governor Philip Lowe has been appointed to assist in resolving disagreements over reporting regulations, aiming to create a more streamlined and efficient system for listed entities.
Meanwhile, Seek is reportedly planning to sell its stake in Employment Hero, an HR technology company, after a lengthy legal battle. Seek, an ASX-listed online recruitment company, had been a long-term backer of Employment Hero and retained a substantial stake for nearly a decade. JLL, a real estate company, has appointed Selina Short as CEO to reform workplace culture.
Private equity’s exposure to the tech sector through software investments is raising concerns, particularly regarding potential impacts on superannuation funds. Additionally, Reliance has issued a warning about the potential effects of US tariffs, while Sims Group raised its dividend payout.
