The Australian market made up some of last week’s lost ground with the banks leading a surge higher as investors contemplated a mixed bag of profit results.
Here’s the scoreboard :
- S&P ASX 200: 5,509.20 +34.42 +0.63%
- All Ordinaries: 5,504.90 +32.57 +0.60%
- AUD/USD: 0.7398 -0.0020 -0.27%
On Wall Street, the S&P500 closed Friday down 0.3%. On the local market today, most sectors improved but not enough to claw back all last week’s losses when the ASX 200 dropped 3.9%.
The ANZ, which closed the week down more than 7%, picked up 1.53% to close at $30.60. The NAB was up 1.52% to $33.32, Westpac 1.02% to $32.68 and the Commonwealth 1.03% to $82.14.
The top stories for Monday:
1. The NAB posted a 9% rise in cash profit to $1.75 billion for the third quarter, driven by better revenue from core operations in Australia and New Zealand.
2. JB Hi-Fi beat expectations to post a 6.4% rise in full year net profit to to $136.5 million. Analysts had been expecting $130 million. It closed up 10.6% to $21.69.
3. Condom maker Ansell posted a 20% rise in full year net profit to $188 million but says future earnings are expected to be weakened by currency movements. Ansell closed down 15.8% to $20.84.
4. Superloop has just been granted a telecommunications licence in Hong Kong. The dark fibre company, which listed on the ASX earlier this year after raising $17.5 million, is now considering providing fixed telco services in Hong Kong. Its shares were up 0.41% to $2.43.
5. APRA’s stricter capital rules are helping Australia’s fifth largest bank, Bendigo and Adelaide Bank, compete in the home loan market against the big four. Its shares were up 2.6% to $12.63.
6. More jobs gone in South Australia at BHP. The big miner is shedding another 380 jobs, most of them at the Olympic Dam mine. BHP closed up 0.27% to $26.00.