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Category: Business, Economics and Finance / Economic Trends / Markets / Currency / Futures / Stockmarket

Australian shares edge higher on oil prices

Thursday, 4 Aug 2016 15:51:37 | Thuy Ong

Investors watch the share price monitors through the window as stocks tumble on the Australian Stock Exchange (ASX) in Sydney on August 8, 2011. (AFP: Torsten Blackwood)

The local share market has bounced back on a recovery in the price of oil, with investors piling into energy stocks.

Markets at 5:28pm (AEST)

  • ASX 200 +0.2 pc to 5,476, All Ords +0.2 pc to 5,563
  • Major gains: Santos +6.7 pc to $4.59, Covermore +6.1 pc to $1.49, Seven West +5.3 pc to $0.80
  • Major losses: Cochlear -2.1 pc to $127.35, Fortescue -2 pc to $4.32, Invocare -2 pc to $13.92
  • Futures: Euro STOXX 600 +0.6 pc to 336.5, FTSE +0.2 pc to 6,597, S&P 500 flat at 2,158
  • AUD: 76 US cents, 57.1 British pence, 77.1 Japanese yen, 68.3 euro cents, $NZ1.062

Woodside Petroleum added 0.7 per cent to $26.63, while Santos jumped 6.7 per cent.

The ASX finished the session near two-week lows after touching fresh 12-month highs earlier this week.

Among other resource companies, Rio Tinto, which saw underlying half-year profit tumble by 47 per cent, lost 1.6 per cent to $48.62.

Banks were mixed as Prime Minister Malcolm Turnbull and Treasurer Scott Morrison announced the nation's major banks would have to face the House of Representatives Economics Committee at least once a year to explain their treatment of customers.

Commonwealth Bank fell 0.5 per cent to $75.66, a two-week low, while Westpac gained 0.2 per cent.

Among companies that reported profits today, bank and insurer Suncorp added 0.7 per cent as its bank and life businesses improved, but, the company's annual profit slumped 8 per cent, hit by natural disasters including storms, floods and bushfires on Australia's east coast.

Tabcorp slipped 0.2 per cent after its net profit fell by half to $169 million, dragged down by several issues including a Federal Court case by Australian authorities over money laundering.

Engineering firm Downer soared 7.7 per cent to $4.48. The company said it was targeting a net profit of around $170 million for the 2017 financial year, as annual profit fell by 14 per cent to just over $180 million because of the mining downturn.

In commodities trade Brent crude futures are higher at just over $US43 a barrel, West Texas Crude rose overnight to $US40.83 a barrel.

Spot gold lost ground to $US1,351 an ounce.

AustraliaPlus


 

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