Aussie shares are bouncing back from Thursday’s slump, with the ASX 200 lifting by ~0.7 per cent to 6,695. While this recoups less than half Thursday’s 1.9 per cent decline and the index has faded from a more impressive open this morning, the market remains on track to lift for a fourth consecutive month.
With the exception of energy and financial stocks, all sectors are managing to improve. Iron ore miners have also given back this morning’s gains as the commodity slumped by 5.6 per cent overnight due to a drop in Chinese demand. Recently, China’s Ministry of Industry and Information Technology pledged to cut steel production this year. Fortescue Metals (FMG) has slumped by more than 11 per cent in just three days, while Rio Tinto (RIO) is down ~8 per cent and BHP is down by approximately 5 per cent over the same period.
Kogan.com (KGN) is down close to 6 per cent despite announcing strong gains in customer numbers, revenue and profits over the past half. Sales rose by 96 per cent, gross profits by 120 per cent and it now has over 3 million customers (and 719k from Mighty Ape). These improvements include the recent acquisition of a New Zealand based online retailer.
ResMed (RMD) is up 1.5 per cent after recording a 9 per cent lift in revenue and 12 per cent jump in profits over the past quarter. RMD said that demand for its sleep apnea and asthma products are improving.
OZ Minerals (OZL) is lifting after posting an improvement in copper and gold output over the past quarter. Lynas (LYC) is also up after handing down record revenues thanks to a jump in rare earths prices which offset lower production. LYC has been one of this month’s best improvers after signing a contract with the US Department of Defence.
GME Resources (GME) has entered a trading halt at the company’s request. GME said the company “…notes recent media reports concerning trading activity in a US listed technology company called GameStop which also has an exchange ticker code ‘GME’ but notes this company is not related in any way to GME Resources.” GME shares have surged by 52 per cent this morning and is expected to resume trade at 13:08:20 today.
4.9bn shares have changed hands so far today, worth $3.4bn. 838 stocks are up, 485 down and 353 are unchanged.
Published by CommSec