Australia Market rebounds 0.95%

The Australian share market advanced on Thursday, 07 November 2019, shrugging off weak offshore lead, with bargain buying witnessed across most sectors, lead by financials, technology, and consumer staples issues. Around late afternoon, the benchmark S&P/ASX200 index advanced 63.44 points, or 0.95%, to 6,723.60, while the broader All Ordinaries added 60.35 points, or 0.89%, to 6,833.60.

Financial sector contributed the most to the index uplift, with National Bank (NAB) is leading the way with its share price up 2% on its FY19 earnings release. Australia's third largest bank by market capitalisation announced a 10.6% slide in cash earnings of $5.1 billion. Its final dividend was also cut to A$0.83/share. Westpac (WBC) and Commonwealth Bank (CBA) were both also higher while ANZ Bank (ANZ) is mostly flat.

 

Accounting software firm, Xero (XRO) was higher by 6% on its half yearly earnings where operating revenue rose 32% to A$338.7 million with a 30% jump in total subscribers to over 2 million. XRO also managed a net profit of A$1.3 million after running a loss of A$28.5 million last year.

James Hardie (JHX) shares rose 6% after impressed investors with its earnings update. JHX revenue lifted up 2% and net profit climbed 18%.

ZipCo (Z1P) surged 16% after agreeing to a deal with Amazon Australia as its first Australian instalment payment option provider.

Flight Centre (FLT) was one of the worst performers, sliding 5% with the travel agency experiencing a difficult start to the new financial year, expecting profits and revenue margins down on the year before.

CURRENCY NEWS: The Australian dollar, sensitive to shifts in broader risk appetite, was up against greenback. The Australian dollar changed hands at $0.6873 after slipping from levels above $0.690 in the previous session.

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