Australian shares opened higher on track for its fourth advance in five sessions after being rattled by the prospect of higher for longer interest rates. The S&P/ASX 200 rose 0.4% in the first half of an hour of trade, led by the technology sector, which rose 1.1%. The Australian dollar crawled upward to US65.65¢ after the US Federal Reserve ruled out lifting interest rates and suggested that rate cuts were still on the table, albeit not for some time. New vehicle sales in Australia set a record for the month of April as demand remained strong and global car manufacturing backlogs freed up further. National Australia Bank reported a $3.5 billion cash profit for the six months to March 31, leading Jarden to rate the bank overweight with a $34-a-share price target. Afterpay owner Block rallied in after-hours markets after reporting sales and user growth ahead of expectations. Macquarie Group's annual net profit fell 32% to a lower-than-forecast $3.5 billion in the 2024 financial year, due to fewer asset sales and lower commodity prices. Telix Pharmaceuticals completed the acquisition of US-based QSAM Biosciences and its bone cancer drug Samarium-153-DOTMP in a $US33.1 million cash and shares offer. Oil prices settled near their lowest level in seven weeks, under pressure from weaker global demand, rising inventories, and fading hopes for a quick cut in US interest rates. Block lifted its full-year profit guidance and revealed plans to invest a portion of its profits from bitcoin back into the assets.
In other news, Pro Medicus Limited (ASX: PME) reached a new all-time high of $113.93 per share on Friday, hitting a new 52-week high. The medical imaging company has had an incredible run over the past year, with its share price rising 88.5%. Top broker Goldman Sachs has a buy rating on Pro Medicus shares with a 12-month price target of $134, implying a potential 18% upside. Pro Medicus provides sophisticated software enabling radiologists and doctors to view high-quality medical images remotely or in their offices. The company has won many long-term contracts with major healthcare institutions around the world. In 1H FY24, Pro Medicus revealed a 30.3% increase in revenue to $74.1 million and a 33.3% lift in net profit to $36.3 million. The company also had $131.5 million in cash and other financial assets as of 31 December. Pro Medicus moved into the ASX 100 during the S&P DJI March quarterly rebalance. The ASX 200 healthcare share has risen 478% over the past five years. [c0f724b1] [6c3baae0]
