Results Continue to Drive Market
After a shaky start, the ASX200 has firmed up about half a percent, buoyed by the Financial, Property and Discretionary Sectors. The big four banks have pushed up from the open and the much watched Commonwealth Bank traded near the $90 level, springing off its lows.
After reporting their full year results today, Caltex announced a 50 cents per share dividend, almost 3 times the 17 cents dividend for the same period last year, taking the full year dividend to 70 cents. The company said that its balance sheet remains strong as it has reduced debt and working capital levels with the closure of its Kurnell refinery. After trading up 2.3% in early trading, the stock down marginally coming into the close. Today provided a chance for profit takers to step in since the stock price has almost doubled in the last 6 months.
Looking ahead, we have China’s PMI reading Wednesday and US GDP numbers towards the end of the week. With BHP and QBE reporting tomorrow and other household names such as Qantas and Woolworths later in the week, it will be interesting to see if the Australian market can hold the 5.5% gain since the reporting season began. The more important question is if the market can push higher to the psychological level of 6000, which is only 60 points from the peak of last week.
For further comment from CMC Markets please call 02 8221 2135.
Frequently Asked Questions about this Article…
The ASX200 firmed up about half a percent, supported by gains in the Financial, Property, and Discretionary Sectors. The big four banks, including Commonwealth Bank, contributed to this positive movement.
Caltex announced a 50 cents per share dividend, which is almost three times the 17 cents dividend from the same period last year. This brings the full year dividend to 70 cents per share.
Caltex's stock traded up 2.3% in early trading but was down marginally by the close. This fluctuation provided an opportunity for profit takers, as the stock price has nearly doubled in the last six months.
Investors should keep an eye on China's PMI reading on Wednesday and the US GDP numbers towards the end of the week, as these could impact market performance.
BHP and QBE are reporting tomorrow, with other well-known companies like Qantas and Woolworths releasing their results later in the week.
The Australian market has gained 5.5% since the reporting season began. It remains to be seen if it can maintain these gains and potentially reach the psychological level of 6000.
Reaching 6000 points is considered a psychological milestone for the ASX200, indicating strong market performance and investor confidence.
For further commentary from CMC Markets, you can call 02 8221 2135 for more insights and analysis.
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