The S&P/ASX 200 Index added 20.9 points to 6800.1; the All Ordinaries rose 0.3 per cent to 6999.8.
Gold producer St Barbara failed to recover from Tuesday’s weak reception to its production downgrade that it blamed on skills and equipment shortages; the shares fell a further 4.8 per cent to 50¢ after the previous session’s 22 per cent plunge.
Iron ore futures traded in Singapore fell 0.5 per cent to $US92.20 a tonne for the November contract. December Brent crude futures rose 0.5 cent to $US90.49 a barrel.
On Wednesday, European gas prices fell 16 per cent as regional storage capacity hit 92 per cent.
Woodside Energy dropped 1 per cent to $32.55.
Beach Energy fell 1 per cent to $1.52 after its quarterly oil and gas production dropped 8 per cent due to natural field decline, Cooper Basin flooding and unplanned outages.
Megaport suffered a 22 per cent drop to $6.61 after the telecommunications infrastructure provider reported quarterly revenue up 5 per cent from the previous quarter to $US23 million.
E&P Financial technology analyst Paul Mason said: “The one weak spot is the ports growth which has been impacted by some specific items … but still in underlying terms was below trend.”
Medibank shares were halted from trading related to a cyber incident the company disclosed on Monday. They last traded at $3.50, up 0.1 per cent. Medibank said on Monday there was no evidence of consumer data being removed from its IT assets.
Law firm Slater and Gordon is drumming up interest in a potential class action against medical gloves and surgical suits maker Ansell over a hefty profit downgrade in January which sent the share price tumbling. Ansell stock fell 0.5 per cent to $27.09.
Corporate Travel Management shares rose 2.7 per cent to $17.24; they were selected as a “new buy” at Goldman Sachs with a price target of $20.20.
The broker said Corporate Travel offered “strong growth and margin accretion opportunities with improving scale and a consolidating market”, and that “global macro concerns in the market have resulted in valuations for the travel stocks looking cheap”.
Goldman also added Webjet to its stock conviction list; Webjet shares rose 2.3 per cent to $5.27.
Origin Energy fell 1.4 per cent to $5.64. It told shareholders at its annual general meeting that it expects underlying EBITDA to climb to between $500 million and $650 million in the 2022 financial year. It said the energy markets business should deliver further earnings growth in financial 2024 as households’ electricity bills rise.
Fund manager Perpetual rose 1.4 per cent to $25.64 after clients pulled $1.4 billion from its international managed funds and $300 million from its Australian funds, reducing assets under management 1 per cent. Perpetual’s total assets stand at $89.8 billion after negative market impacts were offset by positive currency movements.
The fund manager has agreed to terms to acquire rival fund manager Pendal, which also reported a decline in assets from $111 billion to $104.5 billion. Pendal shares rose 5.5 per cent to $4.95.
Novonix shares did not trade on Wednesday because the stock was placed in a halt pending the release of a material funding announcement. They last closed at $2.13.
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