Get 40% Off
🤑 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Australia shares edge higher on earnings, NZ soft

Published 11/02/2016, 02:00 pm
Updated 11/02/2016, 02:10 pm
© Reuters.  Australia shares edge higher on earnings, NZ soft
AXJO
-
GMG
-
COH
-

SYDNEY/WELLINGTON, Feb 11 (Reuters) - Australian shares inched up 0.45 percent and away from 2-1/2 year lows on Thursday as some better earnings results helped brighten the mood after a couple of days of punishing selling.

The S&P/ASX 200 index .AXJO rose 21.62 points to 4,797.30 by 0245 GMT. The benchmark has taken a beating this week, sliding 4 percent in just two sessions for the worst such drop since August last year.

Wednesday's close had been the lowest since mid-2013 when the index troughed around 4,632.

Helping on Thursday was a bumper profit report from hearing device maker Cochlear Ltd COH.AX which surged 9.65 percent to an all-time high. It also raised forecasts for the year on the back of strong China sales and new U.S. customers. was generally well bid with that sector index up 2.2 percent.

Goodman Group GMG.AX was another gainer, rising 4.8 percent after reporting a 79 percent increase in profits.

New Zealand's benchmark S&P/NZX 50 index .NZ50 inched down on Thursday, losing 0.429 percent or 25.8 points to 5,993.680.

Sky City SKC.NZ was the biggest loser, falling 1.58 percent. The casino operator posted strong half-year earnings on Thursday but investors took profits as the result was largely in line with expectations and the stock had already benefited from guidance given by the firm in January. New Zealand Refining Company Limited NZR.NZ fell 1.12 percent after it announced the resignation of director Timothy Wall. infrastructure company Chorus CNU.NZ fell 0.8 percent, while telecommunications company Spark NZ SPK.NZ lost 0.9 percent.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

For more individual stocks activity click on STXBZ

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.