Australia’s sharemarket has reached a record high, buoyed by strong performance from ANZ. ANZ’s share price surged after the banking group reported a 6 per cent increase in first-quarter profit, reaching $1.94 billion. This boost was largely attributed to cost-cutting measures implemented by Chief Executive Nuno Matos as part of his 2030 strategy, which has included the reduction of 3,500 jobs. ANZ is one of Australia’s leading banks, providing a range of financial services to retail, commercial, and institutional customers. The company operates across Australia, New Zealand, and Asia.
However, not all financial institutions shared in the positive market sentiment. AMP’s shares experienced a significant downturn, plummeting 27 per cent following the release of its latest results. While the financial services company’s wealth platform performed well, revenues across other areas of the business failed to impress investors. AMP is an Australian financial services company that offers superannuation, investment, and advice products.
Elsewhere, ASX Ltd has cut its dividend after profits were affected by a cost blowout following a crackdown by ASIC. Origin Energy upgraded its outlook, while brokers downgraded CSL. In other news, Angus Taylor has announced his candidacy for the leadership of the Liberal Party, and Jacinta Allan is facing scrutiny regarding a $15 billion corruption claim.
