ASX 200 gains in August as top sectors and earnings reports fuel momentum

The Australia 200 trades 11 points (0.13%) higher at 8970 as of 2.25pm AEST.

August gains and top-performing sectors

With just one session remaining in August, the Australia 200 (ASX 200) is on track for a monthly gain of 2.6%, marking its fifth consecutive month of gains. This run has seen the index rally over 25% from the lows in April.

The positive performance this month has been driven primarily by a strong rally in the materials sector (8.67%), and specifically the big miners: Mineral Resources Limited (27.42%), BHP Group Limited (9.41%), Fortescue Metals Group (8.95%), and Rio Tinto Group (3.37%).

The consumer discretionary (6.63%), real estate (4.76%), and financials (3.42%) sectors have also contributed, supported by expectations of Reserve Bank of Australia (RBA) interest rate cuts and a substantial rise in the Westpac Consumer Confidence index for August.

Australia 200 stocks

The gains in the index have come as the August earnings season report delivered a wide range of big beats and bombshells and everything in between.

If we were to highlight the three biggest winners and losers this earnings season based solely on percentage moves on the day of the earnings release, the list would likely include the companies below.

Biggest winners this earnings season

• Southern Cross Media Group: surged 26.5% to 83.5¢ following a strong fiscal year (FY) 2025 turnaround driven by a restructuring strategy that boosted investor confidence.
• Aussie Broadband Limited: jumped 20.2% to $5.36 after exceeding analyst expectations for FY 2025 and announcing a deal to sell Buddy Telco to Tangerine, with a positive outlook for FY 2026.
• Brambles Limited: rose 13.2% to a record $26.30 after announcing a US $400 million share buyback and a 15% increase in FY 2025 net profit to US $896 million, supported by improved margins from its transformation program.

Biggest losers this earnings season

• James Hardie Industries: plummeted 28% after a significant earnings miss, and concerns over North American market share and demand.
• IPH Limited: declined 19.5% to $4.50 amid a sharp drop in United States (US) patent filings, which heavily impacted investor confidence.
• CSL Limited: fell 16.89% to $225.50, wiping approximately $22 billion from its market capitalisation after announcing a weaker-than-expected FY 2026 outlook and a spinoff of its Seqirus influenza vaccine business.

The run of big beats and losses has continued today

Today’s Notable Earnings results  

• IDP Education Limited: soared 32% to $5.99 after reporting a strong FY 2025 full-year revenue of $882.2 million, surpassing the $864.5 million consensus. The result eased fears triggered in June by a market update that caused nearly a 50% share plunge amid concerns over restrictive policies, tariffs, and declining foreign student numbers post-pandemic.
• AP Eagers Limited: surged 12.24% to $25.31 following a 19% increase in interim revenue to a record $6.5 billion and an 8% rise in underlying operating profit before tax to $197.7 million, driven by strong new vehicle sales, robust used car demand, and strategic expansion into key markets.
• Qantas Airways: gained 8.46% to $12.06, on track for a new record close after posting its second-largest profit of $2.39 billion, up 15% year-over-year (YoY). Jetstar reported a 54% increase in earnings to $769 million from $497 million. The airline also announced a fully franked dividend of $0.165 per share and a special dividend of $0.099 per share.
• Ramsay Health Care: dropped 11.3% to $32.79 after revealing a net profit after tax of $24 million - a 97.3% decline from last year - primarily due to a $291 million non-cash impairment in its UK Elysium business.

Australia 200 technical analysis

After spending the last two weeks of July consolidating its gains above 8600, the ASX 200 has marched higher in August, hitting a fresh record high earlier this week at 9054.5, some 25% above its April 7169 low and 105% above its Covid-19 crash 4402 low.

With the relative strength index (RSI) on the weekly chart now at its most overbought level since August 2021 and following the formation of a ‘loss of momentum’ daily candle on Monday, we are becoming increasingly cautious about the ASX 200’s upside prospects from here.

If the ASX 200 were to fall below short-term support at 8800 - 8770ish, it would be an initial indication that a medium-term high is in place at 9054.5 and that a deeper pullback initially towards 8620 - 8600 is underway, with scope to 8400. Until then, allow the uptrend to extend.

Australia 200 daily chart

• _{Source: TradingView. The figures stated are as of 28 August 2025. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation.}