Market Wrap / record reach

The S&P/ASX 200 managed to remain fairly flat this Monday, up by just 0.2% to 8959.30 points. A better-than-expected reporting season so far seemed to reassure investors. The banks buoyed the market, with NAB up 2.7% on its quarterly report showing higher cash earnings. It still expects operating expenses in FY25 to be 4.5% higher. Elsewhere, the energy sector was lower as peace talks over Ukraine continue. Santos dropped 1.1%, while Ampol stayed flat as it reported its net profit dropped 23% in the first half. And BlueScope Steel saw its full year profit tumble to $84 million compared with $806 million a year ago, which it attributes to softer cyclical conditions, tariff uncertainty and a US writedown. The share price was lower by 3.1% at the end of the session, while most miners were also in the red. Meanwhile, the telco sector was the best performing on the index. It came as Google was fined over a deal with Telstra and Optus, said to hinder competition. Qantas was also fined, for layoffs during the pandemic, with shares down 0.4%.Tomorrow, Westpac’s consumer confidence index is due, and market heavyweights BHP, CSL and Woodside are among companies reporting.