Local market rallies in spite of leads
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The Australian market has surprised again today, this time to the upside, with the ASX200 surging over 75 points or 1.4%.
Despite weak international leads from US and Europe overnight, and China’s continued slide, there was widespread support for the local market today. The financials, the big four banks in particular, bounced back strongly from yesterday’s flush, as concern over Fitch’s capital cries abated and bargain hunters came to the fore.
Elsewhere, energy stocks soared, buoyed by a rally in oil futures overnight. Woodside’s ‘par’ reporting result this morning was received well by investors, which suggests the market expectation was low. Origin was the other big mover, rallying over 5% ahead over its reporting tomorrow.
Other standout reporters today include Treasury Wine Estate and Seek, but for contrasting reasons. Treasury Wine Estate impressed with a sharp jump in profits and rocketed around 13%. Seek’s crowd was tougher to please, with the stock plummeting 10% despite beating analyst full year profit expectations.
The Aussie dollar remains relatively subdued, trading around 0.7330 USD.
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