The Australian sharemarket snapped three days of losses on Tuesday, following a strong start to the week on Wall Street. The S&P/ASX 200 index advanced by 13 points or 0.2 per cent to close at 7430.9 points.

In overseas markets on Monday, key indexes in the US rose with the Dow and the S&P 500 both increasing by 1.1 per cent, while the Nasdaq lifted 174 points or 1.5 per cent. European sharemarkets also advanced, with the European FTSEurofirst 300 index up by 1 per cent.

In Australia on Tuesday, we saw nine out of the twelve industry sectors posted gains. Tech rose most, increasing by 1.3 per cent while materials were the worst performer, down 0.4 per cent.
Healthcare company Ansell (ANN) fell by 8.7 per cent today after releasing its first half profits which fell by 17.2 per cent, from US$77.2M to US$63.9M. Guidance on earnings per share was revised down from US115c- US135c to US110c – US120c for 2023.

Temple & Webster (TPW) lost 27 per cent to $3.62 after releasing its half year earnings. Revenue declined by 12 per cent year on year for the first half of 2023, while net profit fell 47 per cent. Sales fell 7 per cent between 1 January to 5 February 2023, compared to the COVID induced higher demand in the previous corresponding period.

CSL Limited (CSL) shares rose 0.9 per cent to $307.75 despite reporting an 8 per cent decline in profits, attributed to one-off costs associated with the acquisition of Vifor Pharma in August 2022. A dividend of US$1.07 per share was announced. Guidance for financial year 2023 is anticipated to be US$2.7B-$2.8B.

 

Top Australian Brokers

 

Metal recycling company, Sims Limited (SGM) rose by 6.8 per cent, to be the best performing stock on the ASX 200, despite profits falling 60 per cent.

Star Entertainment (SGR) shares plummeted a further 13.5 per cent to a new all-time low of $1.285, after falling 21 per cent yesterday- the biggest loser for the second consecutive day.

Building products manufacturer, James Hardie Industries (JHX) fell 4.3 per cent after lowering its full year net income guidance.

On Tuesday, 3.3 billion shares were traded, worth $6.6 billion. Overall 592 stocks rose over the session, while 716 fell and 428 finished unchanged.

Looking ahead, more companies will be releasing their earnings reports throughout the week, with Cochlear (COH), Commonwealth Bank (CBA) and Wesfamers (WES) due to release their results
tomorrow.

Over in the US, figures on retail sales, industrial production and the housing market index will be released

 

Originally published by CommSec