Australian stocks rallied, ignoring a weak lead from offshore markets.
Here’s the scoreboard:
- S&P ASX 200: 5,380.20 +77.05 +1.45%
- All Ordinaries: 5,379.80 +70.37 +1.33%
- AUD/USD: 0.7342 -0.0001 -0.01%
On Wall St, the S&P 500 closed overnight down 0.3%. On the local market, nine out of ten sectors were higher as the market made up for 1.2% in losses on Tuesday.
The rally was led by energy stocks, with Santos up 3.42% to $6.04 and LNG 3.56% to $2.750.
The banks were all stronger, with Westpac up 3.32% to $32.71. The Commonwealth recovered 1.7% to $78.27, after losing 5% on Tuesday when it went ex-dividend.
The top stories for Wednesday:
1. Unimpressed by 2016 guidance. Shares in jobs website Seek were sold down heavily despite posting a record full year profit up 6% to $189.8 million. Seek shed almost 11% to $12.27.
2. Arrium posted a $1.9 billion full year loss as the miner wrote down $1.799 billion in assets and added restructuring costs in an attempt to reduce overheads in a low commodity price world. Arrium closed down 4% to $0.12.
3. The troubled Treasury Wine Estates has returned to profit after an extensive business restructure, moving from an order-taking agricultural company to a brand-led marketing group. Treasury Wine closed up 13.4% to $6.25.
4. Woodside Petroleum’s half-year profits fell 39% to $US679 million as falling oil prices bite into the energy producer’s business. Its shares closed up 2.5% to $32.86.
5. Seven West Media has written down $2.096 billion from the value of its television licenses as the media group positions itself as a digital player in a weak broadcast advertising market. Its shares closed up just 0.61% to $0.82.
6. The HESTA industry super fund has sold its 3.5% stake in Transfield Services because of reported human rights violations against asylum seekers at detention centres.
7. Looking north. A bond trader’s investment ideas for people who think China is stuffed.
8. So far, not so good. The reporting season for revealing the annual results of ASX listed companies isn’t going well for many.
9. If you’re looking for work, you best head to Australia’s eastern states, according to the federal government’s internet vacancy index.
10. Australia’s big four banks are unanimous – interest rates are on hold for the next 12 months.