Stocks making the biggest moves at noon: Domain, ASX, Graincorp and more

These are the ASX companies and sectors making headlines in afternoon trade.

Domain Holdings (ASX: DHG) –Shares are up 9.3% after the company reported a mixed first-half result. The key driver behind the rally is likely the earnings beat, along with a more favorable cost outlook for the rest of the year. Key highlights include:

• Revenue up 7.4% to $217.2 million vs. $220.5 million consensus (1.5% miss)

• EBITDA up 13.7% to $77.8 million vs. $74.7 million consensus (4.1% beat)

• Normalised NPAT up 28.5% to $33.1 million vs. $29 million consensus (14.1% beat)

• Interim dividend of 2 cents per share vs. 2.8 cents consensus (27.5% miss)

• January listings up 3% year-on-year in a seasonally lower period for the business

• FY25 operating expenses are expected to be in the high single-digit to low double-digit percentage range

ASX (ASX: ASX) – Shares in the exchange operator surged 6.6% after delivering a strong first-half earnings beat. Revenue rose 5.9% to $541.9 million, slightly missing consensus by 0.7%, while underlying net profit climbed 10.1% to $253.7 million, beating expectations by 2.7%. The market likely welcomed the news that first-half expense growth remained below the company's 6-9% guidance range, easing concerns over its history of cost overruns.

Sigma Healthcare (ASX: SIG) – Shares rallied 4.4% after the company completed its merger with Chemist Warehouse. Separately, the Financial Review flagged a 63.5 million block trade crossing at $2.75-2.80 per share.

Lithium stocks are broadly higher, led Patriot Battery Metals (+10.3%), Liontown Resources (+7.9%), Global Lithium (+6.8%) and Pilbara Minerals (+4.9%).

Insurance Australia Group (ASX: IAG) – Shares tumbled 10.3% despite the company reporting a relatively sound first-half result. The key numbers include:

• Cash earnings up 54.2% to $640 million and 5.8% above consensus

• Gross written premium growth of 6% to $8.42 billion

• Interim dividend of 12 cents per share (1H24: 10 cents)

• Adjusted FY25 guidance, with GWP to be at the lower end of mid-to-high single digit percentage growth and reported insurance margin at the top end of 13.5-15.5%

Graincorp (ASX: GNC) – Shares tumbled 7.3% after the company released its FY25 earnings guidance, which fell short of market expectations. In an effort to boost shareholder value, GrainCorp also announced an on-market buyback of up to $50 million worth of shares. Some of the key updates from the announcement include:

• Winter crop harvest had an early start in Queensland and Northern NSW, with several GrainCorp sites in these regions achieving new grain receive records

• However, conditions were more challenging in southern regions, particularly in Victoria, where the crop yield was lower than in recent seasons

• FY25 EBITDA guidance of $270-320m vs. $332.5m consensus (4-19% miss)

• FY25 NPAT guidance of $60-95m vs. $115.2m (17-48% miss)

Pro Medicus (ASX: PME) – Shares fell 3.5% after the company reported a relatively in-line first-half result. The stock has rallied more than 170% in the past twelve months, with its PE ratio soaring to a record 360x. The valuation concerns may be outweighing the otherwise solid result. The key numbers include:

• Revenue up 31% to $97.2 million vs $99.7 million consensus (2% miss)

• EBITDA up 40% to $72.8 million vs. $76.2 million consensus (4% miss)

• EBITDA margin up 500 bps to 75% vs 76% consensus (1% miss)

• Net profit up 45% to $51.7 million vs. $50.5 million consensus (2% beat)

• Interim dividend up 47% to 25 cents vs. 24.3 cents consensus (3% beat)

Treasury Wine Estate (ASX: TWE) – Shares dipped 4.1% after the company reported a relatively weak first-half result and full-year guidance downgrade. The result contained a few moving parts, including stronger-than-expected sales from Penfolds, offset by weak earnings from the Americas.

• Revenue up 20.2% to $1.54 billion (1.3% miss)

• EBITS up 35.1% to $391.4 million (0.1% beat)

• Net profit after tax up 32.5% to $220.9 million (2.8% miss)

• FY25 EBITS guidance downgraded to $780 million compared to previous guidance of $780-810 million, driven primarily by reduced expectations for Treasury Premium Brands

• FY25 EBITS guidance represents a 1.8% miss against consensus $793.9 million

Australian Vintage (ASX: AVG) – Shares in the wine producer dipped 4.0%, likely in response to the weaker-than-expected Treasury wine result.

Computershare (ASX: CPU) – Shares eased 1.6% after Jefferies downgraded the stock to Hold (from Buy) on valuation concerns. CPU shares soared 15.5% on Wednesday after the company reported a strong set of first-half results.