Lotto customers growing, but tech pulls ASX to ninth-straight day of gains

One of Australia’s richest people became $2.1bn better off on Wednesday as his tech firm led the Australian share market.

Aussies still have a bit of coin for a flutter judging by the Lottery Corporation’s yearly results, while our largest tech company drives the local share market to a ninth day of gains.

On the busiest reporting day of the season, the ASX200 finished up 12.8 points to 8010.5, a 0.16 per cent gain.

Much of the forward momentum came on WiseTech Global’s full-year results, as its stock gained 18 per cent to $111.71.

The logistics company – and largest tech company on the local bourse – posted a 28 per cent jump in revenue. The company has resisted massive wage increases far beyond inflation elsewhere in the sector, and 88 per cent of employees hold shared equity plans.

WiseTech Global founder and chief executive Richard White is worth well over $10bn. Picture: Supplied

Founder, chief executive – and solidified top-15 richest Australian – Richard White, finds himself $2.1bn wealthier after Wednesday’s bump.

On the whole six of the ASX’s 11 sectors finished in the green, with information technology streaking ahead with a 5.3 per cent gain.

Spot gold prices have risen more than 20 per cent year to date this year, and overnight the price of a gold bar hit US$1m for the first time. Australian gold producer Northern Star Resources gained 2.3 per cent on Wednesday ($14.90) and explorer Predictive Discovery rose 9.8 per cent to $0.28.

There was also reprieve for mining companies as China rolls out further support for its struggling property sector.

Mineral Resources rose 5.1 per cent, and Fortescue gained 4.1 per cent. Lynas Rare Earths shot up 7.4 per cent to $6.81.

Lottery Corporation results drove its share price down on Wednesday. Picture: Supplied

On the consumer side, the Lottery Corporation reported a 13.8 per cent increase in annual revenue to $4bn. A record 4.75 million customers now play a Lottery game, and annual net profit spiked 21 per cent.

“The lotteries model involves a very broad participation by customers spending a relatively small amount of money to win a dream,” chief executive Sue van der Merwe said.

Despite this, Lottery Corporation shares lost 1.8 per cent to $4.83, as the price of a Saturday Lotto ticket is set to be raised.

“It was certainly a year of big jackpots, including the $200m for Powerball and $90m for Oz Lotto on Boxing Day, captivating customer acquisition and reactivation,” Ms van der Merwe said.

Overnight the benchmark Brent crude prices fell near $US77 per barrel.

That dip and weak results hurt Santos, which lost 4.3 per cent on Wednesday.

“The disciplined low-cost operating model underpins our business, and we continue to manage our cost base to be resilient through all scenarios and price cycles,” chief executive Kevin Gallagher said in Wednesday’s half-yearly results. Half-yearly underlying profit slipped 18 per cent.

Originally published as Lotto customers growing, but tech pulls ASX to ninth-straight day of gains