Crown not fit but retains license, ASX higher on utilities, ANZ’s digital dollar

The local market managed to eke out another small gain on Thursday finishing 0.1 per cent higher powered by the utilities sector which gained 2.6 per cent.

The sector is benefitting from growing demand for energy and improving gas prices with Origin (ASX: ORG) a major contributor gaining 3.0 per cent.

The energy sector also rallied as the oil price remains elevated with Woodside (ASX: WPL) adding 2.8 per cent.

But all eyes were on Crown Resorts (ASX: CWN) which is under a bid from Blackstone group, shares gained 0.2 per cent despite the Western Australian Royal Commission finding them unfit to have a casino license.

The license was retained and the company looks set to change hands this year. 

As highlighted yesterday, the National Australia Bank (ASX: NAB) has doubled their on market share buyback, announcing another $2.5 billion in excess capital will be used to bring their capital ratio back to 10.5 per cent; shares were 0.2 per cent higher.

ANZ Bank (ASX: ANZ) shares were 0.6 per cent lower after the company launched their own ‘stablecoin’ a digital version of the AUD for online transactions. 
 
JB HiFi sales remain resilient, Brickworks profit jumps,
 
JB HiFi (ASX: JBH) continues to overcome the threat of Amazon and Kogan, with management highlighting heightened demand and strong sales growth in the third quarter.

Sales growth of 11.3 per cent has been delivered for the year to date in Australia, with the white goods retailer The Good Guys even adding 5.7 per cent.

On a year to date basis sales growth is lower at just 1.5 per cent due to the strong comparable in 2021.

The company has continued to focus on cost control, meaning they have been able to maintain margins in a competitive environment, with the news sending shares 4.3 per cent higher. The company refused to offer guidance for the final quarter.

Brickworks (ASX: BKW) delivered its largest first-half profit on record, an 800 per cent increase on the prior year to reach $581 million.

The sale of shares in Washington H Soul Pattinson, the listed investment company which merged with Milton (ASX: MLT) where a key contributor, but even once excluded profit was 270 per cent higher after the company increased the cost of bricks, roofing tiles and masonry to maintain margins; shares were 5 per cent higher on the upgrade.
 
Apple gains for 8^th straight day, NVIDIA surges, markets jump on NATO meeting
 
The positivity continued in the US despite growing political pressure on Russia, with President Biden calling for the country to be kicked out of the G20 at the same time as offering gas reserves to Europe.

The group have indicated gold transactions are also caught under sanctions sending the commodity price higher.

The result was a strong performance from the Nasdaq, up 1.9 per cent, the S&P500 gaining 1.4 per cent and the Dow Jones 1.0 per cent.

Apple (NYSE: AAPL) closed 2.3 per cent higher, the 8^th straight day of gains which shares in chipmaker NVIDIA (NYSE: NVDA) surged 9.8 per cent to be among the top performers in the market.
 
The economic data is sending mixed messages with jobless claims hitting 187,000, the lowest since 1969, but goods orders falling 2.2 per cent in February.

The Russian sharemarket delivered a 4 per cent return after opening for the first time in over a month.

Drew Meredith

Drew is publisher of the Inside Network's mastheads and a principal adviser at Wattle Partners.