Market Wrap / milking profits

Friday’s 0.9% gain on the S&P/ASX 200 confirmed the market's overall gains this week, ending at 8,393.80 points.  Most sectors advanced today, with the energy players leading the way. The notable exception was IT, penalised by WiseTech. At its AGM, the WiseTech board expressed its disappointment in its founder Richard White, who stands accused of bullying and other misconduct. It also downgraded its FY25 guidance, and now anticipates earnings before tax in the $600-660 million dollar range. WiseTech was one of the session’s worst performers, losing 12.4%, alongside Megaport. The latter also lost ground despite reaffirming FY25 earnings guidance of $57 million to $65 million at its AGM.  In the consumer space, A2 Milk raised its revenue growth forecast for fiscal 2025 due to higher global dairy prices and strong product sales. The company also expects to declare its first ever interim dividend in February. It was this Friday’s top performer by far, jumping 13.3%.  And tensions continue to escalate between Russia and Ukraine. Oil and gas prices took a leap overnight, and the local energy players gained 2.2% overall. Among them, Paladin and Deep Yellow were leading the pack. Next week, we’ll watch US home data, and the PCE inflation read, alongside the RBNZ's expected interest rate cut. Locally, we get monthly consumer price data and RBA Governor Michele Bullock addresses the CEDA conference.