Australian Shares Flat; Myer Holdings Posts Lower Fiscal H1 Earnings, Higher Revenue
Australian shares were flat, with a positive bias, on Tuesday’s close as hopes of a de-escalation of the conflict in the Middle East faded.
The S&P/ASX 200 Index was little changed to close at 8,379.40.
US President Donald Trump had said he would postpone an attack on Iran’s energy infrastructure for five days after productive talks with Iranian authorities to end hostilities. However, a report from the Wall Street Journal said that US allies in the Persian Gulf are considering active involvement in the conflict. Brent crude oil jumped to $103.79 per barrel, after initially falling below the $100-per-barrel mark.
On the domestic front, the Australian private sector started the year on a weak footing, ending the first quarter in contraction as business activity fell for the first time in a year and a half, S&P Global said. The headline seasonally adjusted S&P Global Flash Australia PMI Composite Output Index fell to 47 in March, below the 50 marker that separates growth from contraction.
ANZ-Roy Morgan Australian consumer confidence fell 5.4 points to 63.1 in the week of March 16 to 22. The four-week moving average eased 4.3 points to 70.5 points. Australian consumer confidence has dropped to its lowest level since records started in 1973, driven by the Middle East conflict’s effect on oil prices and economic outlook, as well as the Reserve Bank of Australia’s recent decision to raise the cash rate to 4.1%, said Sophia Angala, an ANZ economist.
Manufacturing conditions in Australia showed improvement early this year, with the Westpac-Australian Chamber of Commerce and Industry (ACCI) Actual Composite up to a fresh cycle high of 59.3 in the first quarter from 54.7 in the fourth quarter of 2025, its strongest since September 2023.
In company news, Myer Holdings (ASX:MYR) reported fiscal first-half earnings of AU$0.023 per share, down from AU$0.036 a year earlier. Revenue for the six months ended Jan. 24 was AU$1.88 billion, compared with AU$1.47 billion a year earlier. Its shares closed down 1%.
Downer EDI (ASX:DOW, NZE:DOW) secured a five-year integrated facilities management contract with Stockland, commencing Aug. 1, valued at around AU$500 million, with the potential to extend for an additional five years. Its shares rose 2% on market close.
Orica (ASX:ORI) acknowledged media reports of an outage at a Western Australia ammonia supplier and confirmed it is actively managing supply by using existing inventory and its global supply network. Its shares were down 1% on market close.
