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Category: Business, Economics and Finance / Company News / Currency / Markets / Futures / Stockmarket

Australian shares climb on strong US data, Woolworths soars

Monday, 25 Jul 2016 15:47:48 | Justine Parker

Woolworths shares posted their biggest one-day gain in nearly 20 years. (Tony Allan)

Australian shares have experienced a solid start to the week as investors welcomed news of a major restructure at Woolworths and a recent run of strong economic data from the US.

Markets at 5:24pm (AEST)

  • ASX 200 +0.6 pc to 5,534, All Ords +0.6 pc to 5,608
  • Major gains: Woolworths +8.2 pc to $24.30, Metcash +4.9 pc to $15.30, Dominos +3.5 pc to $74.18
  • Major losses: iSentia -5.3 pc to $3.25, Regis Resources -4.3 pc to $3.59, St Barbara -4.1 pc to $3.05
  • Futures: Euro STOXX 500 +0.3 pc to 339.7, FTSE +0.2 pc to 6,687, S&P 500 -0.1 pc to 2,166.
  • AUD: 74.8 US cents, 56.9 British pence, 79.4 Japanese yen, 68.2 euro cents, $NZ1.071

Grocery stocks surged ahead, buoyed by the supermarket chain Woolworths.

Woolworths rallied to its biggest one day gain in nearly 20 years, up 8.2 per cent to $24.30 after announcing a big restructure that includes axing around 500 jobs and closing supermarkets, Big W stores and hotels.

The restructure is expected to cost the retailer $766 million after tax, to be booked in the 2016 financial year.

Elsewhere in the sector, Wesfarmers, which owns Woolworths' main rival Coles, rose by 1.1 per cent to $42.25.

Among financial stocks, the big four banks all rose around 0.5 per cent with Westpac faring the best, up 0.6 per cent to $30.71.

Energy stocks were out of favour as oil prices hovered near two-and-a-half-month lows — oil and gas producer Santos had the biggest losses, down 3.3 per cent to $4.67.

Miners were also sold — Newcrest Mining lost 2.6 per cent to close at $23.42 after announcing an 11 per cent drop in production for the fourth quarter, blaming in part a disruption at one of its mines in Indonesia.

In commodities trade, Brent crude hovered near a two-and-a-half-month low of $US45.70 a barrel.

Spot gold is lower to $US1,316 an ounce.

AustraliaPlus


 

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