Woodside Energy (ASX:WPL), reported a 29% decline in revenue for the second quarter, amounting to $US3.1 billion (A$4.5 billion). Sales of oil decreased by 4%, with 48.4 million barrels sold, while production experienced a 5% drop to 44.5 million barrels.
Woodside's CEO, Meg O'Neill, noted “Whilst production and sales were lower compared with the first quarter of 2023, they were higher than the corresponding period last year, reflecting Woodside’s expanded operations portfolio.”
At noon, the S&P/ASX 200 is 0.53 per cent higher at 7,322.40.
The SPI futures are pointing to a rise of 39 points.
Best and worst performers
The best-performing sector is Energy, up 1.85 per cent. The worst-performing sector is Communication Services, down 0.66 per cent.
The best-performing large cap is Ampol (ASX:ALD), trading 4.52 per cent higher at $31.19. It is followed by shares in Whitehaven Coal (ASX:WHC) and Endeavour Group (ASX:EDV).
The worst-performing large cap is Northern Star Resources (ASX:NST), trading 6.17 per cent lower at $12.545. It is followed by shares in Aurizon Holdings (ASX:AZJ) and carsales.com (ASX:CAR).
Asian markets
Asia-Pacific markets all rose on Wednesday as investors digest better-than-expected results from Wall Street.
Overall, the earnings season was off to a strong start. Of the S&P 500 companies that have reported, 84% exceeded profit estimates, according to FactSet.
In Japan, the Nikkei 225 popped 1.07%, while the Topix was up 0.96%. Business sentiment among manufacturers in Japan declined for the first time in six months in July, according to the Reuters Tankan survey, which measures confidence among large Japanese companies.
South Korea’s Kospi climbed 0.2%, and the Kosdaq was up 0.46% after reaching its highest level in over 15 months on Tuesday.
Hong Kong’s Hang Seng index extended its losses after falling over 2% on Tuesday, with the index sliding 1.12% in early trade.
Mainland Chinese markets were more mixed, with the Shanghai Composite up 0.19% and the Shenzhen Component down marginally.
Company news
ImpediMed (ASX:IPD) are the first top 5 national payor covering SOZO testing for cancer patients at risk for lymphoedema. In response, CEO and MD Richard Valencia said, ”Cigna’s policy provides access to coverage for all individuals at risk of developing limb lymphoedema without prior authorisation and impacts all 50 states.” Shares are trading 14.9 per cent higher at 21.3 cents at noon.
Imugene Limited (ASX:IMU) announced that their core US patent has been allowed. In response, MD & CEO Leslie Chong said: “with the US being the largest healthcare market in the world, this is a particularly important patent milestone.” Shares are trading 7.53 per cent higher at 10 cents at noon.
Brightstar Resources (ASX:BTR) announced that drilling at their Menzies Gold Project has returned multiple high grades of gold. In response, MD, Alex Rovira, commented, “This program has targeted areas of higher grades that have the potential to form possible ‘early-stage’ mining opportunities and for JORC mineral resource growth.” Shares are trading 18.2 per cent higher at 1.3 cents at noon.
Commodities and the dollar
Gold is trading at US$1980.20 an ounce.
Iron ore is 0.7 per cent higher at US$115.85 a tonne.
Iron ore futures are pointing to a 0.05 per cent rise.
One Australian dollar is buying 67.96 US cents.
