The Australian share market experienced a seesaw day, remaining largely flat near noon, as investors navigated a mix of company-specific news and broader economic concerns. Among the standout performers, Codan’s shares rocketed 20 per cent after the company announced its profits had doubled. Similarly, technology firm Megaport surged 16 per cent following the successful securing of $1 billion in new contracts, indicating strong growth prospects. Conversely, the energy sector faced headwinds, with several energy stocks experiencing falls.
In the rapidly evolving artificial intelligence sector, news from major players captured attention. Anthropic’s IPO prospectus revealed a substantial $60 billion loss in 2025. OpenAI, the developer of the popular ChatGPT platform, apologised for its tool’s breach of a Medicare data platform. The company pledged funding to combat rogue AI agents and halted a new model amid fears it could go awry. AI kingpin Nvidia announced a massive $US150 billion extension to its share buyback program, bringing its total to $US235 billion. Fund manager Phil King also backed AI firm Firmus’s blockbuster IPO.
Broader economic trends also featured in today’s news cycle, with reports indicating that first home buyers are increasingly shying away from property. This reluctance comes despite recent budget changes designed to facilitate easier entry into the market for such purchasers, with economic uncertainty cited as a primary factor for their caution. On the political front, Prime Minister Anthony Albanese responded to economists’ recent “gaslighting” remarks regarding inflation, while Treasurer Jim Chalmers reaffirmed his alignment with RBA Governor Michele Bullock’s stance on unemployment.
