Market Report August 28: ASX flat as Tabcorp slumps, Zip Co surges [Video]

Proactive’s Tylah Tully gives a market wrap for the 28th of August.

The ASX closed almost unchanged today, finishing at 8,071.4 points. Over the last five days, the index has risen by 0.76%, and it is now just under 1% away from its 52-week high.

Top performing stocks included Zip Co Limited, which surged by 13.88%, closing at $2.38 per share. This gain follows the company’s strong financial performance for the 2024 fiscal year, where it reported a 28.2% increase in revenue to $868 million. Zip Co also achieved record cash earnings before interest, taxes, depreciation, and amortization (EBITDA) of $77.2 million, marking a 420% increase from the previous year.

On the decline, Tabcorp Holdings fell by 15.04%, closing at $0.48 per share. The company reported a 3.9% decrease in group revenue for the 2024 financial year, totaling just under $2.339 billion. Despite this, Tabcorp noted that its wagering turnover and net revenue held up well compared to competitors in a challenging market.

Sector performance was mixed, with six out of eleven sectors gaining. Consumer Staples led the gains with a 1.4% increase, followed by Financials at 0.77%. Energy was the worst performer, down 1.41%.

The release of CPI data showed a 3.5% year-on-year increase in July, with analysts attributing the moderation in inflation to lower energy prices from recent government rebates. There is speculation of a potential interest rate cut by year-end.

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