the COB - 26.08.24

The Fed’s pivot party euphoria followed through to the local market this Monday. The S&P/ASX 200 Index closed 60.60 points higher to 8084.50.
Pilbara Minerals reported an 89% drop in full year profit to $257 million off the back of lower lithium prices. Shares rose 1.3% to $3. BHP rose 0.4% ahead of its earnings due Tuesday.
Uranium stocks were a standout after the world’s largest producer, Kazatomprom, released guidance that fell short of market expectations over the weekend. Deep Yellow was the best performer on the market, rising 17%.
Financial stocks rose, with the sector up 1.1%. Insurer nib defied the trend, finishing 17.7% lower despite reporting a 67.4% rise in profit to $181.6 million.
In the retail space, Endeavour Group posted a 3.2% drop in profit to $512 million, driven by increased finance costs. Shares went down 6.9%. Meanwhile, Kogan and Adore Beauty are back in the black with profits of $83,000 and $2.2 million respectively. Shares rose 11.8% and 5.5%.
Coles, which reports tomorrow, fell 0.6%. Earnings from Australia's top supermarkets are likely to show constricted spending, presenting a challenging outlook for Coles and Woolworths as consumers still face cost-of-living pressures.
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