Market Wrap / US reopening hopes

The S&P/ASX 200 brushed off losses from Wall Street to start the week 0.75% higher at 8,835.90 points. It gained momentum into the afternoon on news that a deal to end the US government shutdown could be imminent.

Locally, along with the gold sector tracking higher, a batch of companies reported positive trading updates. ANZ gained 3.2% despite full-year cash profit slumping 14 per cent due to redundancy costs, legal penalties, and competition. However, after one-off costs were removed, the profit was flat on the prior year. Expectations over a new leadership might also have reassured investors that stronger days are ahead. Meanwhile Iress launched a “business efficiency drive”, aimed at permanently lifting margins. The financial services provider also confirmed its 2025 guidance, which sent the stock 5.9% higher. Elsewhere, DroneShield secured an additional $7.6 million worth of US contracts, but this was not enough to change the course of a 1.3% loss this Monday. And explosive manufacturer Dyno Nobel said it narrowed its loss for the year, gaining 7.8% by the end of the session. Tomorrow, the Westpac-Melbourne Institute consumer confidence index for November will give insights into consumer positioning.