Proactive’s Tylah Tully gives a market wrap for the 29th of August.
The ASX 200 index decreased by 0.33% on 29th August 2024, closing at 8,045.1. Over the past five days, the index remained almost unchanged but is still 1.27% below its 52-week high.
Bega Cheese rose by 9.39%, ending at $4.66 per share. The company’s shares surged after the release of its full-year audited results for the 2024 financial year. Bega reported a significant recovery in the profitability of its Branded segment, with statutory EBITDA reaching $165.1 million, marking a 15% increase from the previous year. The company's revenue exceeded $3.5 billion, with 86% of total external revenue coming from its Branded segment.
Red 5 Limited fell by 12.33% to $0.32 per share. Despite reporting a 47% increase in revenue to $620 million for the 2024 fiscal year, its share price dropped. The financial report, including the effects of its merger with Silver Lake Resources, showed a balance sheet with cash and deposits of $442.5 million and bullion worth $11.2 million.
Three sectors reported gains, with Financials leading with a 0.32% increase. However, the overall index was dragged down by the Energy and Consumer Staples sectors, which declined by 2.15% and 1.95%, respectively.