The Australian Securities Exchange (ASX) experienced a slight increase near noon AEDT as traders weighed geopolitical factors, including developments in the Middle East. Energy stocks saw gains, while gold miners experienced a decline. Soul Patts announced an increase in its dividend, and AMP appointed an acting Chief Financial Officer. The ASX also announced the appointment of Jokovic to its board.
In other financial news, Westpac has reported an increase in the expected costs of its Unite technology project, which aims to create a single mortgage system. The bank now projects the cost to be $285 million, up from the $265 million estimated in November.
Elsewhere, lightweight wheel maker Carbon Revolution has fallen into administration. The company, which employs 350 people at its Geelong plant and was listed on both the ASX and Nasdaq, has faced strain due to falling demand for its products. Carbon Revolution specialises in designing, manufacturing, and marketing lightweight carbon fibre wheels for the global automotive industry.
Finally, London-based spirits manufacturer Diageo is expected to reap substantial profits, potentially around $1.4 billion, from its investment in the Royal Challengers Bengaluru cricket team.
