Afternoon (PM) Market Report

Details

Published on Tuesday, 23 August 2016 07:00

The Australian market traded higher after a flat opening despite losses on Wall Street overnight due to the fall in the energy sector.

Tuesday, 23rd August 2016

Local stocks trended upwards during the day to close well above the flat line with solid gains from the big lenders offsetting losses in mining companies. Most sectors were upbeat except for energy which ended in the red, while the health care sector gained most significantly. The Australian dollar appreciated against the greenback but fell against other major currencies.

The All Ordinaries rose 34.80 points (0.62%) to 5,647.10 while the S&P/ASX 200 rose 38.70 points (0.70%) to 5,553.80.

Fisher & Paykel Healthcare Corporation announced on 23 August 2016 that it has updated its earnings guidance for the financial year ending 31 March 2017. The Company also announced the commencement of a new building programme in New Zealand and Mexico. Trading has been strong in the first five months of the financial year. At current exchange rates the company expects operating revenue for the first half of the FY 2017 to be NZ $420m and net profit after tax to be NZ$76m, or about 23% above the first half last year. There has been a firming of the NZD since May. The Company also announced that it will commence a building programme in New Zealand and Mexico. In August 2016, the Company announced a new flagship product, the F&P 950. FPH gained 2 cents (0.20%) to $9.79. Caltex Australia advised its realised lagged Caltex Refiner Margin (CRM), in respect of CRM sales from production for the month of July 2016. The July 2016 unlagged CRM was US$9.37/bbl. This is below the prior month (June 2016: US$11.08/bbl) and prior year monthly comparative (US$16.50/bbl). Regionally, the unlagged Caltex Singapore Weighted Average Margin was US$8.49/bbl, below the prior month (June 2016: US$10.88/bbl) and prior year (July 2015: US$15.42/bbl). The July 2016 realised CRM was US$10.30/bbl, below June 2016 CRM of US $11.60/bbl and the prior year comparative (July 2015: US$17.54/bbl). Sales from production in July 2016 of 579ML were above the prior month (June 2016: 484ML) and prior year comparative (July 2015: 434ML). CTX dropped 55 cents (-1.61%) to $33.69.

The NZX gained 5.17 points (0.07%) to 7,467.33 while the Nikkei dropped 100.83 points (-0.61%) to close at 16,497.36.

The Australian dollar was last quoted at 76.40 US cents.