SYDNEY, AAP – Fortescue Metals shares have surged after the miner’s full-year profit announcement and helped balance an otherwise negative Australian market.
Fortescue shares were up 6.6 per cent to $21.32 on Monday after the company’s full-year profit and final dividend more than doubled.
Rival iron ore producers BHP and Rio Tinto were higher by more than two per cent after the price of the steel-making commodity rose.
Energy shares were also up after oil operations in the Gulf of Mexico were shut down due to a hurricane.
Santos and Oil Search shares gained more than two per cent.
Yet all other share categories on the ASX were lower.
The big four banks were lower by an average of about one per cent.
The benchmark S&P/ASX200 index was higher by 5.4 points, or 0.07 per cent, to 7493.7 at 1200 AEST.
The All Ordinaries was up 17.9 points, or 0.23 per cent, to 7778.
There was a good lead from US markets after US Federal Reserve chairman Jerome Powell gave investors no reason for alarm during his talk for the Jackson Hole symposium at the weekend.
Mr Powell could have indicated when the central bank’s tapering of asset purchases might begin. However, he said only that tapering could begin this year.
The S&P 500 and Nasdaq closed last week at record highs.
The final week of the Australian corporate earnings season still has some big names outlining their performance.
Coronavirus-related restrictions and a jump in restructuring and regulatory costs dragged Crown Resorts to a full-year loss of $261.60 million.
Crown said COVID-19 restrictions continue to affect performance in the new financial year, after the flagship Melbourne casino was closed for several months in the year to June.
Shareholders will not be paid a dividend.
Crown shares were down 0.53 per cent to $9.27.
Funeral provider InvoCare said the coronavirus Delta strain was likely to hamper sales late this year, despite a return to first-half profit.
The company said it could not provide an earnings forecast due to the spreading virus.
Shares were up 8.36 per cent to $12.11.
Data analytics software vendor Nuix dropped 9.23 per cent to $2.60 after posting a full-year loss of $1.6 million.
ASIC has been investigating the company over possible breaches of the Corporations Act. Company leaders have also left.
Nuix listed on the ASX late last year.
Among the big four banks, the Commonwealth was faring worst. Shares were down 1.3 per cent.
The Australian dollar was buying 73.06 US cents at 1200 AEST, higher than 72.50 US cents at Friday’s close.