Australian Stocks Gain but AMP and Cochlear Face Sharp Declines

The Australian stock market remains in positive territory, bolstered by gains in various sectors. However, AMP and Cochlear are experiencing sharp declines due to profit concerns. Investors should watch these stock movements closely.

Date: 14-02-2025

AI Rating: 4

Market Overview: The Australian stock market is showing positive momentum with the benchmark S&P/ASX 200 Index gaining 41.40 points or 0.49 percent to reach 8,581.40. This follows a trend of upward movement over the last three sessions, influenced by favorable cues from Wall Street.

Sector Gains: Technology stocks lead the gains, with companies like Zip rising over 3 percent and Xero advancing almost 2 percent, signaling a robust performance within this sector. Oil stocks also show gains, with Origin Energy up more than 2 percent.

Declines in Specific Companies: The report highlights significant downturns for specific companies. AMP's shares are down more than 14 percent following a nearly halved half-year profit, attributed to the sale of its advice arm. Cochlear also faces a nearly 13 percent decrease after adjusting its full-year profit forecast downwards due to cost-of-living pressures impacting revenue, indicating challenges the company is facing.

Stocks: AMP Cochlear