The late rebound prompted the Australian stock market to rise for the third consecutive trading day on Thursday, continuing the rebound of Monday’s decline. Despite the news on Wall Street, the Dow Jones Industrial Average rose 1% on Wednesday, and the S&P 500 and Nasdaq Composite were also strengthening.
The Australian stock market opened lower, but the overall market showed an uptrend in the afternoon, driven by the rise in Woolworths’ share price. Despite the weak performance of some technology stocks, the Australian stock index rose 0.1% to 6507.4 points, up 6.8 points from the previous trading day.
Woolworths was at a loss for most of the time before the market rose, but the company’s share price closed up 0.5% to $36.38. Although the group reported that its gross profit margin fell, its profit for the Endeavour Drinks business was also declining, but the company raised its dividend and said the new fiscal year was a strong start. Ausdrill’s results for the third consecutive year exceeded expectations, and the company also predicted that its performance in FY 2019-20 will be even stronger. The company’s stock closed up 7.7% to 1.88 yuan.
Although Link Administration announced that operating net profit fell 3% from the same period last year and cut the final dividend, the company announced that it would repurchase 262 million shares, which pushed up the company’s share price. The company’s stock closed up 9.4% to 5.37 yuan. Despite the stable performance in the first half of the year, Appen still failed the market expectations. The company reported that revenues rose 60% in the first half of this year and expect its EBITDA to be at the high end of previously announced guidelines.
Https://www.afr.com/markets/equity-markets/earnings-driven-rally-pushes-asx-higher-20190829-p52m2l