Feb 11 Australian share market higher with earnings results providing momentum

The share market has closed higher for the first time in a week, after yesterday dropping into bear market territory.

The market fluctuated between gains and losses for much of the session, after a mixed finish on Wall Street overnight, as traders digested testimony from US Federal Reserve Chair Janet Yellen.

But the gains accelerated in late trade, to see Australian stocks close at a high.

The All Ordinaries index gained 44 points to close at 4,871.

The ASX 200 index jumped by 1 per cent to finish on 4,821.

Earnings results provided momentum, as company reporting season rolls on.

Healthcare stocks led the way as Cochlear shareholders welcomed news the hearing implant maker had lifted its half-year profit by a third and increased its dividend.

Cochlear shares rose above $100 a share, closing 14.1 per cent higher at $104.05.

Virgin Australia went the other way, down 6.1 per cent to 46 cents after the airline swung back to profit by charging more for domestic airfares, attracting a greater share of corporate passengers and cutting costs.

Virgin made $45.7 million after tax in the December half.

The airline lost $53.1 million in the same period the year before.

Mirvac closes higher after revealing higher half-year profits

The Australian Securities Exchange has reported a 7 per cent rise in half-year profit to $213.1 million.

ASX shares closed 1.9 per cent higher at $39.53.

And property developer Mirvac revealed half-year profits jumped to $472.7 million for the six months to the end of December.

Mirvac shares closed 2.8 per cent higher at $1.85.

The dollar was relatively flat against most major currencies and finished down further against a strengthening yen.

At just after 5:00pm (AEDT), the dollar was buying $US0.71. It was also fetching 62.9 euro cents, 79.9 Japanese yen and 48.8 British pence.

Investors were continuing to buy gold in search of safe assets, with spot gold jumping to $US1,207 an ounce.

Oil continued its decline — West Texas crude was lower at $US27.49 a barrel and Tapis crude was fetching $US32.25 a barrel.

Source: ABC News

Leave a Reply

Your email address will not be published. Required fields are marked *