Australia’s sharemarket is approaching a three-month high, buoyed by broad gains led by the mining sector. This positive momentum follows a second consecutive day of rising shares. However, the market’s performance is coloured by mixed news from individual companies.
Treasury Wine Estates saw its shares soar following a settlement with a US distributor. Conversely, G8 Education is facing a significant downturn. The company, which operates childcare centres, anticipates a $350 million hit and has decided to scrap its dividend.
In other business news, Revolution Asset Management is reportedly raising $60 million for its private credit Listed Investment Trust (LIT). This move comes after the company listed its debut investment trust on the ASX last year and sold a minority stake to ColCap. Meanwhile, financial services giant Macquarie reported higher earnings across all divisions in its third quarter, with commodities income being a standout performer.
