ASX Midday Sector Update: Communication Services Stocks Inch Up, Energy Sector Slumps

MT Newswires Live

Mar 06, 2025

Communication services stocks inched up 0.11% at midday Thursday, as stocks on Wall Street rebounded after US President Donald Trump granted a one-month reprieve from tariffs for automotive firms operating through the US-Mexico-Canada trade pact.

Spark New Zealand (NZE:SPK, ASX:SPK) Chief Financial Officer Stewart Taylor said the company "remains committed" to cut debt in response to S&P Global Ratings' action to revise the outlook on the telecommunications provider to negative from stable.

Energy stocks slumped past 3% at midday Thursday after concerns about US President Donald Trump's tariffs and a production hike by OPEC+ led to oil prices plummeting to multi-year lows.

Bannerman Energy (ASX:BMN) reported that its loss per diluted share in the fiscal first half was AU$0.0168 from AU$0.041 a year earlier. Other revenue for the six months ended Dec. 31, 2024, was AU$2.3 million, up from AU$871,000 in the same period a year earlier.

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