Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Australia shares gain on improved sentiment, focus on earnings; NZ up

Published 16/02/2018, 12:33 pm
© Reuters.  Australia shares gain on improved sentiment, focus on earnings; NZ up
AXJO
-
BHP
-
RIO
-
HLS
-
RIO
-
SUN
-
AXMM
-
AXFJ
-

* Wall St gains, improved sentiment aid market

* Focus moves to companies' results

* Materials slip

By Aaron Saldanha

Feb 16 (Reuters) - Australian shares edged higher on Friday on the back of improved global sentiment for equities as Wall Street gained for the fifth day, with the domestic focus on the earnings season.

Equities around the world have been on a rollercoaster ride recently on fears of rising inflation and interest rates, though many markets found their footing this week.

"It is going to be a results based play," said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.

"It is the end of the stocks reporting season, that is pretty much what is going to play out at this point."

Australia's S&P/ASX 200 index .AXJO rose 0.3 percent on Friday to 5,924.1 by 0054 GMT, supported by financials and health care stocks.

The benchmark, which added 1.2 percent on Thursday, is set to end the week about 1.5 percent higher, partially recovering from a 4.6 percent loss the previous week.

Among the top gainers was Primary Health Care Ltd PRY.AX , which rose the most in more than eight months after posting a higher half year profit. Its shares were up 3.4 percent. Australian financial index .AXFJ rose to its highest in a little more than a week, led by Suncorp Group Ltd SUN.AX climbing as much as 3.3 percent.

The insurer recovered from a sell-off on Thursday after it reported a fall in half year profit due to a hailstorm in Melbourne. will have to wait and see in the next couple of hours because when the global guys in Asia come in, I would expect them to buy the banks a bit more, so they would probably go higher," Somasundaram said.

Moving in the other direction, materials .AXMM accounted for Friday's biggest losing sector, after driving Thursday's gains.

The sector index fell the most in a week, though losses for mining majors BHP BHP.AX and Rio Tinto (LON:RIO) RIO.AX were relatively modest at 0.2 percent and 0.4 percent, respectively.

Across the Tasman Sea, New Zealand shares were on track to end the week marginally higher largely thanks to industrials and telecom stocks.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.5 percent, or 36.33 points, to 8,099.6.

Auckland International Airport Ltd AIA.NZ gained the most in a month and was the biggest contributor to index gains, up 2.7 percent, after reporting favourable results.

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.