Dale Gillham: Could this be the most misleading reporting season in years?

Australian reporting season kicks off next week, and analyst Dale Gillham warns it could be one of the most misleading in years.

Over six months, every major market driver shifted, he said. Oil prices surged on Middle East tensions before pulling back. Gold and silver corrected after record highs as investors rotated into risk assets. Copper held up on AI and electrification demand. Inflation and interest rates, along with government policy, continue to shape the outlook, reflecting broader commodities market shifts.

The obvious winners should be Materials and Energy, Gillham said. Higher commodity prices should boost earnings for miners and energy producers. The focus will be on management guidance, not the results themselves, he added.

Consumer staples like Coles and Woolworths face margin pressure from rising transport and operating costs. Both have shown they can pass those costs through. Investors still view them as defensive plays, Gillham said.