Australia shares boosted by corporate earnings, soft US data

Reuters

Australia shares boosted by corporate earnings, soft US data

7:09 sáng giờ GMT, 14 Tháng 8 2024

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Financial stocks mark 5-day rally

Miners hit almost 2-year low

NZ50 hits highest level since Jan 2022

RBNZ cuts rates for first time in 4 years

Updates to close

By Adwitiya Srivastava

Aug 14 (Reuters) -Australian shares ended higher on Wednesday, buoyed by better-than-expected corporate earnings from top firms such as the Commonwealth Bank of Australia and energy producer AGL Energy, while mining stocks fell on disappointing China data.

The S&P/ASX 200 index .AXJO closed 0.3% higher to 7,850.7 points.

Commonwealth Bank of Australia's CBA.AX full-year profit fell less than analysts feared due to lower provisions for bad debts. The company also upped its final dividend.

CBA's shares ended 1.3%in the green, helping push the heavyweight financial index .AXFJ about 0.5% higher. The sectoral index marked its fifth straight session of rallying and was the top boost for the benchmark for the day.

Top Australian energy producer AGL Energy AGL.AX closed 2.3% higher after it reported a three-fold rise in annual profit.

Miners .AXMM fell for the day, closing 2.1%lower to hit their lowest level since November 4, 2022, as iron ore futures fell on disappointing credit data from top consumer China. IRONORE/

Mining giant BHP Group BHP.AX fell about 2.8%, while Rio Tinto RIO.AX declined 2.6%.

Globally, investor hopes rekindled after U.S economic data signalled slowing inflation, with markets now anticipating that the Federal Reserve will start its easing cycle in September.

"Australian markets will continue to be guided by U.S. economic inflation-related data in the short term until we see a decisive turn in the U.S. interest rate cycle," said Andrew Tang, an analyst at Morgans Financial.

Among other stocks, industrial services provider Seven Group SVW.AX rose about 6.8%,recording its best day since May 2020, after posting a 30% jump in full-year profit.

Healthcare informatics firm Pro Medicus PME.AX jumped 7.2%to log its best day in nearly a year on a 36.5% rise in annual profit.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 2.1% to finish the session at 12,572.53 points, highest since January 2022, after the country's central bank cut its benchmark cash rate for the first time since March 2020.

Reporting by Adwitiya Srivastava in Bengaluru; Editing by Janane Venkatraman

For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1

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