The Australian sharemarket advanced for a third consecutive session, supported by gains in financial stocks after National Australia Bank delivered stronger-than-expected December quarter results. The S&P/ASX 200 rose 28.3 points to 8987.20 by midday, with 10 of the 11 sectors trading higher. NAB posted a 16 per cent rise in cash earnings to $2.02bn and a 30 per cent increase in net profit to $2.21bn, supported by strength in its markets and treasury division and improved asset quality. The other major banks were mixed. Health insurers also rallied after the federal government approved an increase in annual premiums from April, while wealth manager Netwealth reported solid December half results across revenue, earnings and dividends.
Technology was the strongest-performing sector, with TechnologyOne lifting its full-year guidance on the back of growth in consulting services and AI-related product upgrades. Xero also gained, while WiseTech Global was weaker. Materials stocks eased amid profit-taking after recent gains, with BHP pulling back from record highs and gold producers softer as bullion prices retreated.
In other company news,
SGH and Steel Dynamics proposed a revised $15bn cash bid for BlueScope Steel
SGH Ltd (ASX: SGH) and US-based Steel Dynamics have submitted a revised best and final non-binding indicative offer to acquire 100% of BlueScope Steel at A$32.35 per share in cash, implying a total equity value of approximately A$15bn. The proposal represents substantial premiums to BlueScope’s recent trading metrics, including a 47% premium to the adjusted closing price prior to the initial approach and a 56% premium to its 52-week VWAP. Under the structure outlined, SGH would retain BlueScope’s Australia and Rest of World operations, while Steel Dynamics would acquire its North American assets. The proposal remains subject to due diligence, regulatory approvals and agreement of binding documentation, and there is no certainty it will proceed.
Superloop acquires Lightning Broadband in $165m fibre expansion
Superloop Limited (ASX: SLC) has entered into a binding agreement to acquire 100% of Lightning Broadband’s parent company for $165m in cash, significantly expanding its Fibre-To-The-Premises footprint and accelerating its Smart Communities strategy. The transaction adds approximately 54,000 secured lots, including 24,000 already built and 30,000 contracted for delivery, lifting Superloop’s total contracted footprint to around 170,000 lots nationally. Lightning Broadband also brings around 14,000 services in operation across more than 400 developments. The deal is expected to be earnings accretive by FY27, funded through existing cash and debt facilities, with leverage remaining modest at roughly 1.4x EBITDA.
INOVIQ advances exosome diagnostics pipeline amid $3.96m half-year loss
INOVIQ Limited (ASX: IIQ) reported a net loss of $3.96m for the half year to 31 December 2025, reflecting increased research and development investment, while revenue from ordinary activities rose 11% to $229,584. The company completed a $10.2m capital raise during the period, ending December with $13.8m in cash. Operationally, INOVIQ progressed its EXO-OC ovarian cancer screening test, which has demonstrated 100% sensitivity in early-stage detection and more than 99.6% specificity in prior studies, and advanced its CAR-exosome therapeutic program targeting triple-negative breast cancer. The half-year also included board renewal and the appointment of a new Chief Scientific Officer as the company seeks to advance clinical development and commercial partnerships.
