The Australian market is higher across most sectors as investors react to a flurry of positive company results.
The gains come after a strong finish on Wall Street where the Dow Jones overcame disappointing retail figures to close 0.55 per cent higher.
Local players Telstra, Crown and Fairfax all reported positive results on Thursday but IG market dealer Chris Weston said they’d failed to lift the market beyond expected gains.
Nevertheless, the session had got off to a strong start, he said.
“We had expected to see the market up, anyway, around these sorts of levels but it is important to see companies posting positive results,” he said.
“We’re trading above yesterday’s highs which is good to see.
“I think the earnings have given the rally backbone and anyone looking to sell today has probably stepped aside.”
Telstra shares were 10.5 cents higher at $5.545 after the telco announced it would increase its dividend and had lifted its profit by 14 per cent.
Fairfax announced it had swung back into the black with a $224.4 million profit. Its shares gained 6.75 cents, or 7.63 per cent, to $95.25.
And, James Packer’s Crown Resorts reported a massive 65.7 per cent profit lift to $655.7 million. Its shares gained 62 cents, or 4.18 per cent, to $15.45.
The big four banks were also higher, with Westpac rising 13 cents to $33.85, NAB adding 22 cents to $34.54, ANZ gaining five cents to $32.79 and Commonwealth Bank up 22 cents to $81.18.
But, the resource sector bucked the trend after iron ore prices fell overnight.
BHP fell 15.5 cents to $38.085, Rio Tinto dropped 49 cents to $65.24 and Fortescue slipped six cents to $4.47.
KEY FACTS
* At 1200 AEST on Thursday, the benchmark S&P/ASX200 index was up 25.7 points, or 0.47 per cent, at 5,540.4.
* The broader All Ordinaries index was up 26.6 points, or 0.48 per cent, at 5,534.5.
* At 1202 AEST the September share price index futures contract was up 27 points at 5,485 with 14,049 contracts traded.
* National turnover was 858.1 million shares worth $2.1 billion.
