ASX extends rally as energy gains
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The news: The Australian sharemarket ended higher following a rally on Wall Street after US retail sales data allayed recession fears.
The numbers: The benchmark ASX 200 gained 1.34% to end at 7,971.1, with all 11 sectors finishing in green.
The best performing sector was energy, up 2.18%, followed by materials (2.14%). Oil majors Karoon Energy (3.14%), Woodside Energy (2.35%), Beach Energy (1.54%), Santos (1.43%), and Ampol (1.74%) all gained as oil benchmarks approached a second straight weekly gain.
a2 Milk rose 4.17% while Synlait rocketed 21.8% after they conditionally settled a dispute over long-running exclusive supply rights for infant milk formula products.
NAB shares gained 1.61% on steady third-quarter earnings but CEO Andrew Irvine flagged higher mortgage arrears.
Mining tech company IMDEX rose 3.94% after announcing a resolution to its intellectual property dispute with drilling company Boart Longyear.
The worst performing sector was AREITs, up 0.1%, followed by consumer discretionary (0.53%).
Domain shares pared back early gains to end 3.07% lower after full-year earnings fell short of forecasts while CEO Jason Pellegrino said he was pleased with the result.
GQG Partners shares fell 2.81% after the investment management company reported a 50% rise in funds under management for the half year but missed NPAT estimates.
Amcor shares dropped 3.04% after the packaging giant reported a bigger-than-expected decline in fourth-quarter sales, hurt by weaker demand for its containers and cartons.
Shares in ASX ended 0.2% lower after it reported a lower underlying net profit after tax amid rising operating costs and a weak listings market.
The Australian dollar is higher buying 66.33 US cents.
The context: Earnings season continues next week with A2 Milk, GPT Group, Ampol, Bluescope, Lendlease, Nuix, Iress, Suncorp, Reece reporting on Monday.
