The Aussie sharemarket briefly hit fresh 2-month highs earlier in the session, with the ASX 200 finishing 78.3 points or 1.12 per cent higher to 7071. Ten of 11 sectors finished higher, with the Materials (up 1.5 per cent) and Financials (up 1 per cent) sector also posting gains. Tech shares improved by 1.3 per cent, rebounding from yesterday’s 3.8 per cent decline. Today’s rather broad-based gains were helped in part by a lift in global sharemarkets overnight, following softer than expected US inflation data.

In company news, Telstra (TLS) posted a 1.3 per cent decline in full year revenues and a 4.6 per cent drop in earnings. Free cashflow increased by 6 per cent. TLS raised its final dividend for the first time in seven years, to 8.5 cents per share. Shares of TLS were up by 1.7 per cent in early trade, but finished 1.25 per cent lower.

QBE Insurance Group (QBE) shares climbed 3.3 per cent and lifted for a third straight day. In its half-year report, QBE noted a 66 per cent fall in its profits, which it said was impacted partly by market volatility and higher interest rates. The insurer however, handed down a 13 per cent increase in the amount of premiums received. Over 2022, QBE expects the amounts of premiums it receives to grow annually by around 10 per cent. QBE also declared an interim dividend of 9 cents-per-share, down from the 11-cent-per-share dividend it declared in the previous corresponding period.

AMP Limited (AMP) shed 0.9 per cent after releasing its half-yearly report this morning. AMP flagged a 14 per cent decline in its revenues and a 25 per cent fall in its underlying profits, but announced a $350 million share buy-back. It also flagged a further $750 million worth of capital to be distributed to shareholders over the next financial year.

Mirvac (MGR), a residential property manager, rose 3.8 per cent and had its best day since July 6. In its annual report, MGR posted an 8 per cent increase in its operating profits, and recorded a 41 per cent improvement in its operating cash flows. Over FY23, MGR expects to achieve an earnings-per-share of at least 15.5 centsper-share (FY22: 15.1), and increase its distribution by at least 2.9 per cent.


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Shares of Adore Beauty Group (ABY) have finished 6.2 per cent higher. The cosmetics retailer advised that its CEO, ‘Tennealle O’Shannessy has resigned and will leave Adore Beauty in February 2023’.

4.7bn shares were traded, worth $7.2bn. 955 stocks rose, 474 fell & 385 finished unchanged.

In the US tonight, initial jobless claims and producer prices are due.

Originally published by Divik Nigam – (Author) CommSec