Analysts were using words like "insane" to describe the earnings beat from what Goldman Sachs called the most important stock on the planet.

IG markets analyst Tony Sycamore said the ASX's sideways move laid bare the contrast between the ASX200 and its large concentration of dowdy yet "reliable" financial and resource stocks and the new world of AI and tech companies that had driven Wall Street to new highs in 2024.

The AI enthusiasm did send one of the ASX's few AI companies, Brainchip, surging 26.5 per cent to an eight-month high of 43c. 

Shares in the Sydney-based "neuromorphic" AI chipmaker are up a stunning 168 per cent so far in February alone.

Overall the local bourse's 11 sectors finished mixed on Thursday, seven up and four down. Utilities was the biggest mover, climbing 2.0 per cent.

It was also another big day for Australian earnings season, with announcements from more than two dozen major companies.

In the heavyweight mining sector, Fortescue rose 2.1 per cent to $27.83 as Andrew Forrest's company reported soaring profits on near-record iron ore shipments and higher prices for his Pilbara ore.

Pilbara Minerals was flat at $3.66 after Australia's largest lithium company reported that its profit slid 82 per cent to $220 million on lower prices for the battery metal.

Rio Tinto dropped 1.1 per cent to $124.36 and Mineral Resources gained 3.1 per cent to $60.90 after both miners released their earnings Wednesday evening, while BHP dipped 0.4 per cent to $44.30. 

Qantas fell 6.8 per cent to $5.21 after the airline said lower fares contributed to its half-year underlying profit dropping 13 per cent to $1.25 billion.

Medibank Private fell 5.4 per cent to a seven-week low of $3.65 after posting a 16 per cent jump in first-half profit to $262.5 million, as higher sales offset continuing costs from its 2022 cyber attack.

Tabcorp plunged 10.3 per cent to a more than three-year low of 65c after writing down the value of its NSW and SA betting businesses by $731.9 million amid a recent fall in Australian wagering, leading to a $636.8 million half-year loss.

"Today's results are solid given market conditions," said chief executive Adam Rytenskild.

Lovisa rose 10.4 per cent to an all-time high of $27.30 after the fast-fashion retailer announced a 12 per cent rise in half-year net profit, to $53.5 million.

"The company has continued to deliver solid sales and profit growth," said chief executive Victor Herrero. 

Nine Entertainment dropped 8.7 per cent to an over three-year low of $1.68 as the media company blamed weaker economic and advertising conditions for net profit after tax slumping to $149.5 million for the six months to December 31.

MA Financial Group plunged 20.5 per cent to a four-month low of $4.47 after the alternative asset manager announced first-half underlying profit fell by nearly a third to $41.6 million.

In the currency market, the Australian dollar had hit a more than nine-year high against the slumping Japanese yen, while also slumping to an eight-month low against the surging kiwi.

Against the greenback the Aussie was buying 65.65 US cents, from 65.69 US cents at Wednesday's close.

ON THE ASX:

* The benchmark S&P/ASX200 index finished Thursday up 2.8 points, or 0.04 per cent, to 7,611.2

* The broader All Ordinaries gained 5.3 points, or 0.07 per cent, to 7,865.3.

CURRENCY SNAPSHOT:

One Australian dollar buys:

* 65.65 US cents, from 65.69 US cents at Wednesday's ASX close

* 98.63 Japanese yen, from 98.53 yen

* 60.57 Euro cents, from 60.74 Euro cents

* 51.90 British pence, from 51.99 pence

* 105.88 NZ cents, from 106.09 NZ cents.

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