Company Interview / the COB: small win

The Australian sharemarket managed to eke out a small gain and snap its recent losing streak. The S&P/ASX 200 finished higher by 0.1% to 8,640 points. 

While investors had an eye on President Trump's summit with China's Xi Jinping and the AI trade fueled gains on US and Asian markets, that positive sentiment failed to materialise locally. 

Software stocks were led lower by Xero which lost 9% after revealing a profit slump following its its $4 billion purchase of Melio. However, Megaport bucked the tech sell-off, jumping 28% after securing $254 million worth of network and storage contracts.

Consumer staples were the worst performers with Coles falling 2.3% after a court ruling found the supermarket giant had misled shoppers over discounts. Rival Woolworths fell 1.6%.

CBA managed to rebound after losing more than 10% in the previous session, while fellow heavyweight stocks, BHP and Rio Tinto, followed the copper price higher, extending their record highs.

Elsewhere, market operator ASX appointed Euronext executive Anthony Attia as CEO. GrainCorp lost 13% after its first-half profit more than halved from last year and car parts retailer Bapcor reversed sharply, down 19.4% after downgrading its guidance.

Tonight, UK Q1 growth figures are released amid speculation that PM Keir Starmer is about to lose his job.