Market Wrap / earnings hangover

Despite a mostly positive lead in from Wall Street, lackluster earnings weighed on investor sentiment this Thursday, sending the local sharemarket lower. Across the index, the S&P/ASX200 dropped 0.23% to close at 9188.5 points.

Market heavyweight Commonwealth Bank led losses, edging down 2.2% on the back of yesterday's warning of a slowing economy in its published results.

Today, attention turned to fellow lender ANZ which reported quarterly cash profit of $1.9 billion, up 2% on last year. The major bank proved a bright spot in the market, climbing 4.5% following the results.

Investors also responded positively to the ASX’s 12.6% increase in revenue, with shares climbing over 9% despite a 3.5% drop in full year net profit. The securities exchange was one of the top performers across the index.

Treasury Wine Estates also recovered during the session, reversing an initial decline following the reported $1.1 billion FY26 loss. The stock ultimately closed 4.9% higher.

On the contrary, Telstra declined 3.2%, even as net profit increased 2.7% to $2.4 billion over the year.

IAG also reported a 25% dip in annual profit, with its shares trading 5.1% lower following the announcement.

Away from earnings, Cleanaway Waste Management received a takeover offer from EQT Infrastructure, for $3.13/share. The share price surged 15.2% over the session.

Tonight, US core PPI data is set to be released along with weekly unemployment claims.