SYDNEY, AAP – Investors have raised some major financial services providers following their earnings as the big share categories lifted the Australian market.
Macquarie Group and Suncorp pleased investors on Tuesday and the market rose more than one per cent with help from financials, miners and healthcare.
Macquarie claimed a record third quarter, helped by its markets-facing businesses.
Macquarie Capital earnings helped offset a decline in the annuities divisions such as banking and financial services.
The stock was higher by four per cent to $20.23.
Top Australian Brokers
- eToro - market-leading social trading platform - Read our review
- IG - Extensive product array and user-friendly platforms - Read our review
- IC Markets - experienced and highly regulated - Read our review
- Avatrade - powerful trading tools - Read our review
Suncorp posted a near 21 per cent fall in first-half net profit after more insurance claims from natural disasters.
But the Queensland-based entity says its underlying business is strong, putting it in a “good” position in the second half of 2021/22.
Investors believed Suncorp and raised shares five per cent to $12.02.
Materials was the top category on the ASX and higher by two per cent.
The financial and healthcare categories were up one per cent each.
The benchmark S&P/ASX200 index was up 83 points, or 1.16 per cent, to 7193.8 points at 1200 AEDT.
The All Ordinaries index was higher by 83.2 points, or 1.12 per cent, to 7497.4 points.
The market defied the Wall Street lead. US stocks closed mostly lower after Facebook owner Meta continued to weigh on the S&P 500 following last week’s earnings disappointment.
Australian business confidence bounced back in January as the COVID-19 Omicron outbreak peaked quickly.
The National Australia Bank business survey for January showed confidence rebounded 15 points to an index of plus three.
Elsewhere on the market, big miners were helping the ASX higher.
BHP was best of the group and rose by three per cent to $48.96.
Rio Tinto was up almost three per cent to $118.11. Fortescue climbed two per cent to $21.98.
The big banks were not all key contributors to the gains in financial shares.
ANZ and Westpac were higher by one per cent each. However, Commonwealth Bank and NAB improved by less than one per cent each.
Travel stocks were doing well after the Australian government on Monday said vaccinated foreigners could visit from February 21.
Regional airline Rex was higher by eight per cent to $1.52.
Flight Centre was up five per cent to $20.04.
Shopping centre owner SCA Property Group raised first-half profit by 320 per cent thanks to increased valuations of its properties.
Funds from operations were up 30 per cent, helped by purchases of east coast sites and reduced coronavirus impacts.
The interim payout of 7.2 cents per unit was more than the 5.7 cents per unit paid at the same time last year.
SCA was higher by three per cent to $2.90.
The Australian dollar was buying 71.32 US cents at 1200 AEDT, higher than 70.86 US cents at Monday’s close.
