Australia’s stock market rises across the board, only the energy and telco sectors lose their position

ASX climbed the green and stayed there despite last-minute sales, leaving only the energy and telco sectors ousted.

The Australian stock market rose altogether, with only the energy and telco sectors ousted after a positive lead from Wall Street, with numerous quarterly trading updates.

The benchmark S & P / ASX200 index rose 0.53% to 7413.7 and the All Ordinaries index rose 0.48% to 7727.2.

CommSec analyst Stephen Dagrian said it was the fourth rise in trading over the past five days and that the local stock exchange hit a three-week high in daytime trading.

“This is partly behind some of the strong rises in the US last night. This has improved for the fifth straight day. They have made promising profits … Already about the S & P 500 companies. 80% exceed market expectations, “said Daghlian.

He added that the US earnings reporting season will peak next week and five big companies, including Apple, Google, Microsoft and Amazon, will reveal the numbers.

“It will be remarkable,” said Mr. Dagurian.

OMG CEO Ivan Tchourilov said the local stock exchange has made good progress as the S & P / ASX200 broke the 50-day moving average after falling from this time last month.

“Today, technology is at the forefront and central, and overall reputation has risen significantly,” he said.

“Despite the bond market price hike in May next year, the stock market doesn’t seem to be paying attention to rising inflation concerns,” he said.

Buy-now-pay-later market leader Afterpay up 1.57% to $ 126.25, rival Zip up 0.28% to $ 7.12, accounting software provider Xero up 1.42% to $ 146.19, and logistics software provider Wisetech Global was up 0.84% ​​to $ 53.76. ..

Kogan, an online-only retailer, surged 6.68% to $ 11.66 in the first quarter update.

“Although customer numbers and sales are increasing, our most important confidence comes from lower inventory costs,” said Tchourilov.

“Cogan was hit after releasing its full-year report in August, which robbed inventory costs from its underlying profitability.

“Solving this and ongoing supply chain problems will help them gain more value from their earnings and return money to shareholders.

“As the country moves away from the harsh blockade, investors are also looking for sustainable returns.”

The Super Retail Group behind chains such as Supercheap Auto, Rebel and BCF also provided updates for the fiscal year, saying that lockdowns have plunged transactions and Macpac reported the worst results.

“Supply chain outlook remains bleak, so freight and logistics costs associated with rising inventory levels can impact future gross margins,” the group warned, but inventories were strengthened and very important. He said he was well prepared for the Christmas trading period.

The stock rose 1.69 percent to $ 13.23.

Bedlinen retailer Adairs also reported a decline in sales, and forced store closures in New South Wales, Victoria, ACT and Auckland reduced store transaction days by about 47% and cost about 2,800. From $ 10,000 to $ 32 million.

Adeaz also said it had enough inventories to prepare for the festive rush, with its stake at 2.3% at $ 4.01.

Woolworthsbooze’s spin-off Endeavor Group behind BWS and Dan Murphy’s also suffered a blockade, but invested in the hotel business in the first quarter, meaning “more normal operations” in time for rising vaccination rates in time for Christmas. Said he wanted that summer.

The stock rose 1.19 percent to $ 6.79.

Tchourilov said the quarterly update of Beach Energy removed some gasoline from the motor, dropping 3.68% to $ 1.44.

“Low production levels mean we couldn’t take full advantage of record oil prices,” he said.

“They also saw a surge in costs associated with some new drilling projects, which requires a significant amount of resources before reaching optimal output levels.

“Beach Energy has been in the market attention since late September when electricity shortages began to push up oil and gas prices.

“White Haven Coal, which is also riding the wave of price inflation, has fallen following Beach Energy, two of which are the biggest lags in today’s 200 index.”

White Haven shares fell 7.86% to $ 3.05.

Among miners, Fortescue fell 0.4% to $ 14.50 and Rio Tinto rose 7 cents to $ 98.08, more than triple the carbon emissions of Scope 1 and 2 by 2030 after the market closed. Announced a new goal of reduction. Previous target.

“With a further blow to AGL, a coal-burning energy provider that counts Rio Tinto as its number one customer, Rio will also push forward with the option to switch to renewable energy from the Tomago Aluminum Smelter,” Greenpeace said.

BHP beat its rival bid by Andrew “Twiggy” Forrest’s Wyloo Metals, which it received just a day ago, up 0.47% to $ 38.57 after Canadian nickel miner Noront Resources supported its sweetened takeover offer. rice field.

OZ Minerals, which recently benefited from soaring copper prices, raised its full-year gold production guidance and lowered its cost estimates, but its stock fell 0.42 percent to $ 25.88.

ANZ was up 0.85% to $ 28.39, Commonwealth Bank was up 1.1% to $ 105.03, National Australia Bank was up 0.63% to $ 28.83, and Westpac was up 0.79% to $ 25.68.

Telstra has returned 2.09% to $ 3.75.

The Australian dollar earned US $ 74.92, British Pence 54.27 and € 64.31 in the afternoon trading.

Initially published as follows Australia’s stock market rises across the board, only the energy and telco sectors lose their position

Australia’s stock market rises across the board, only the energy and telco sectors lose their position

Source link Australia’s stock market rises across the board, only the energy and telco sectors lose their position

Related Articles

Back to top button