The Australian share market has closed mixed, with an upbeat Qantas result and Hurricane Harvey-induced gains in oil stocks balancing weakness in banks and consumer stocks.
The benchmark S&P/ASX200 stock index closed down 0.03 per cent to 5,743.9 points, while its broader contemporary the All Ordinaries closed 0.03 per cent higher at 5803.4 points.
Friday marked the end of the busiest week of reporting season and CMC Markets analyst Michael McCarthy said earnings results from a number of major companies had swung sentiment throughout the period and added to volatility.
“Qantas was down four per cent in early trade so that’s a huge reversal – the volumes are double, almost triple the average,” Mr McCarthy said.
Qantas finished up 3.8 per cent at $6.02 – a 10-year high – delivering a full-year underlying profit of $1.4 billion – the second highest in the airline’s history.
“$6.06 is Qantas’ historic high and it was within shouting distance today,” Mr McCarthy said.
But it was the energy sector that drove gains as Hurricane Harvey bore down on the oil-rich Gulf of Mexico and oil futures rose by about 0.7 per cent on Friday afternoon Australian time.
Woodside Petroleum was 0.4 per cent higher at $29.41, Oil Search was up 1.2 per cent at $6.95, Origin Energy rose 1.3 per cent to $7.59 and Santos shares were up 5.5 per cent to $3.66.
In other results, shares in the embattled infant formula maker Bellamy’s Australia fell 7.5 per cent to $7.73 as the company posted an $809,000 2016/17 loss and uncertainty lingered over the timing of it securing product registration with China’s health authorities.
Medibank Private closed 6.7 per cent higher at $2.87 following a 7.6 per cent rise in full year profit to $449.5 million.
In other company news, AGL Energy shares closed 1.6 per cent up at $23.53 after the company announced the sale of some of its northe Queensland gas assets to a Chinese buyer.
With the bulk of reporting season now done and 163 of the companies in the ASX200 having reported full-year results, 90 per cent have recorded a profit – against a long-term average of 87 per cent, analysts at Commsec said.
Meanwhile, the Australian dollar is hovering around the 79 US cent mark, ahead of US Federal Reserve Chair Janet Yellen’s highly anticipated address at the Jackson Hole Economic Symposium.
At 1700 AEST on Friday, the Australian dollar was worth 79.04 US cents, up from 78.71 US cents on Thursday.
ON THE ASX:
* The benchmark S&P/ASX200 closed down 1.6 points, or 0.03 per cent, at 5,743.9 points
* The broader All Ordinaries index was up 1.7 points, or 0.03 per cent, at 5,803.4 points.
* The September SPI200 futures contract was down 3 points or 0.05 per cent at 5,709 points.
* National turnover was 2.8 billion securities traded worth $7.1 billion.
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 79.04 US cents, from 78.71 on Thursday
* 86.6845 Japanese yen, from 86.03 yen
* 67.04 euro cents, from 66.75 euro cents
* 61.74 British pence, from 61.51 pence
* 109.66 NZ cents, from 109.37 cents
GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,286.44 per fine ounce, from $US1,287.45 per fine ounce on Thursday.
BOND SNAPSHOT AT 1630 AEST:
* CGS 4.50 per cent April 2020, 1.8966pct, from 1.8909pct
* CGS 4.75pct April 2027, 2.5946pct, from 2.5836pct
Sydney Futures Exchange prices:
* August 2017 10-year bond futures contract at 97.36 (implying a yield of 2.645pct), from 97.37 (2.63pct) on Thursday
* August 2017 3-year bond futures contract at 98.01 (1.99pct), from 98.03 (1.97pct).
(*Bond market closes taken at 1630 AEST previous local session; currency closes taken from 1700 AEST previous local session)
