The Australian market rallied ahead today, with Seven Group leaping nearly 11%.
Here’s the scoreboard:
ASX 200: 5,912.00 +40.22 +0.68%
All Ordinaries: 5,936.80 +36.08 +0.61%
AUD/USD: 0.7499 -0.0037 -0.49%
Aussie shares took a strong lead from global markets as risk appetite increased overnight.
The ASX200 financials index rose by more than 1.1%, led by ANZ which was up 1.31%.
Macquarie Bank and QBE Insurance both rose by more than 2%, and the big miners all gained ground.
Seven Group Holdings shot up by 10.77%, seemingly off the back of strong earnings by mining equipment giant Caterpillar. Seven owns the WesTrac Group, the authorised Caterpillar dealer in WA, NSW/ACT Service Territories and north eastern China. Westrac is one of Caterpillar’s top five (by sales value) dealers globally.
Newcrest Mining lost 4.88% as investors turned away from gold and other safe haven assets following the French election result. St Barbara Ltd, another gold miner, was down more than 11%.
Here are today’s top stories:
1. Inflation misses the mark: Inflation for the March quarter came in just below expectations, with headline figures at 0.5% for the quarter and 2.1% year on year.
2. Brin takes flight: Here’s a story about Alan Weston, the aeronautics expert helping Google founder Sergey Brin to build a massive airship inside a NASA hangar.
3. No easy solution for interest rate dilemma: Analysts at Macquarie shine a light on how rising home loan rates will impact disposable income and consumer spending.
4. Goldman Sachs sounds the alarm: Goldman highlight the fact that stocks and bonds are saying two different things, and markets are still at risk from rising bond yields.
5. Serena opens up about engagement: Serena Williams went on stage at the TED 2017 to discuss her relationship with Reddit co-founder Alexis Ohanian.
6. Dreamworld’s owners, Ardent Leisure, is changing captains. Deborah Thomas will step down at the end of June after a little over two years in the job, replaced by Nine’s former CFO and COO Simon Kelly.
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