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ASX ends week on high with closing record

SYDNEY, AAP – Shares have extended their closing record on the ASX for the second consecutive day. Investors had to wait until the final seconds for confirmation after the indices barely rose throughout Friday trade. The benchmark S&P/ASX200 index closed higher by eight points, or 0.11 per cent, to 7394.4. The All Ordinaries closed up…

IAG forecasts loss for FY21

SYDNEY, AAP – Insurer IAG is headed for a full-year loss from COVID-19 but company leaders say there is more certainty in the economic outlook. Preliminary earnings issued on Friday showed a full-year net loss of $427 million, largely due to the impact of the virus. The insurer collected less in premiums, although this was…

Asia shares dragged by vaccination lag

TOKYO, RAW – Asian share markets were in a mixed mood on Friday after a volatile week in which sentiment over global growth waxed and waned with every new headline on the Delta variant. A slew of surveys on July manufacturing are expected to show a slight softening of activity in Europe and the United…

Shift unemployed to disaster relief: Labor

CANBERRA, AAP – Labor wants welfare recipients living in lockdown areas automatically bumped onto higher COVID-19 disaster relief payments. The opposition also wants the federal government to automatically move people back onto JobSeeker and waive the waiting period when the lockdowns end. Currently, people receiving the dole or other government payments aren’t eligible for disaster…

CommSec Daily Report Friday

Latest News Aussie shares are recovering from opening lows with the ASX 200 index trading 11 points higher at 7,397 having been down 29 points at its morning lows. Local moves follow a third consecutive session of gains on Wall Street overnight. The ASX 200 is still on track to advance for another week with…

Energy prices up from cold, coal outages

CANBERRA, AAP – Keeping warm has become more expensive as coal-fire power outages take a toll on Australia’s energy market. Prices rebounded significantly between April and June because of outages and colder-than-average weather, the Australian Energy Market Operator says. Wholesale electricity prices, or those paid by retailers before they supply to customers, averaged $95 per…

Tech, health shares up but ASX flat

SYDNEY, AAP – Investors have mostly eased off buying Aussie shares after the market set a record closing level the previous day. Information technology and healthcare shares gained more than one per cent but there were few sizeable moves elsewhere. Afterpay, one of the biggest technology shares, climbed 3.13 per cent to $109.16. Healthcare and…

Star drops proposal to merge with Crown

SYDNEY, AAP – A merger proposal for Crown Resorts has been withdrawn after a royal commission raised the prospect the gaming group could lose the licence for its Melbourne casino. Star Entertainment, which operates The Star casino in Sydney, said it had limited engagement with Crown since it launched the non-binding offer to create a…

Wall St edges up, led by tech stocks

NEW YORK, RAW – Big tech has helped Wall Street inch up to a higher close, modestly building on a two-day rally as lacklustre economic data and mixed corporate earnings prompted a pivot back to growth stocks. A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted while small-caps…

Earnings season: Cautious outlook statements to rule

Earnings season: Cautious outlook statements to rule Economic and financial markets events Earnings season: Solid earnings should validate the level of Aussie share prices. The outlook is more complicated. Profit results and outlook statements are pivotal in setting appropriate valuations for companies, sectors and the broader sharemarket. Key period for listed Aussie companies • Australia’s…