The Australian sharemarket was flat on Wednesday after US stocks held relatively steady overnight following some recent sharp gains.
The Australian sharemarket was flat on Wednesday, with industrials, energy and technology companies stepping up after a modest positive lead from Wall Street overnight.
The energy sector was also stronger, with shares in coal miner Yancoal gaining 2.8 per cent and oil heavyweight Santos 1.7 per cent. They were among the biggest large-cap advancers.The technology sector was up 0.3 per cent, with shares in data centre operator NEXTDC gaining 1.8 per cent. They are now up 6.6 per cent in the past five trading sessions.
Shares in Kenvue – the company whose brands include Band-Aid and Tylenol – rose 6.4 per cent after it topped analysts’ forecasts for both profit and revenue in its latest quarter. Companies that fall short of profit expectations also have seen their stock prices sink by more the following day than they have historically. That could suggest investors are beginning to listen to critics who have been calling the US equity market broadly too expensive following its record run this year. For stock prices to climb further, profits would either need to grow substantially, or interest rates would need to fall, they say.
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