Market Wrap / record reset...AGAIN

The local market edged closer to record highs on Thursday, powered by a rally in financials after Westpac logged its best session since 2020.The S&P/ASX 200 Index closed higher by 0.5% to 8873.80 points. 

Westpac’s quarterly statutory net profit rose 14% to $1.9 billion, sending shares up 6.3% to a more than 10-year high.

Utilities led the market, with Origin Energy jumping 6.3% after a 26% lift in annual profit, as strong LNG earnings offset weaker retail energy results.

Meanwhile telecommunications dragged, with Telstra down 2.6% after softer-than-expected mobile subscriber growth overshadowed in-line results. Jefferies labelled the update “a bit disappointing.”

ASX Limited posted a $510 million full-year profit on strength in its technology, data and markets divisions, though shares slipped 1.2% in a busy day of earnings.

Tonight, the US releases producer price index figures. JD.com and Birkenstock are among companies reporting. Ahead tomorrow, CBA’s household spending data for July is expected to show spending up 7.4% from a year earlier. Cochlear reports full year earnings.