4:30 PM Sydney – Australian market indexes jumped 1% in active trading and trade with China soared 33% in January. China also reported 10.6% increase in exports in the month. Commonwealth Bank of Australia reported record first-half profit.
Australian market indexes jumped following positive leads from overseas markets and trading volume picked up.
Trade with China also surged 33.1% in January according to the latest data released by the Custom Administration in the second largest economy of the world. Food, iron ore and energy led the Australian exports to China.
China reported exports in the month increased 10.6% and the agency cautioned that “fake invoicing” may have bumped the exports data higher than expected.
Australian dollar gained to 90.55 U.S. cents and in stock market trading turnover jumped to 897 million shares worth $5.3 billion.
The ASX 200 index jumped 55.60 or 1.1% to 5,310.10 and the broader All Ordinaries gained 52.50 to 5,319.80.
Stocks in Review
Rio Tinto climbed $1.46 to $68.10. BHP gained 65 cents to $37.20. Woodside Petroleum Limited increased 34 cent to $38.08.
Westpac rose 27 cents to $32.50.
soared 9% to $5.45 after the construction materials supplier reported sales in the first-half ending in December jumped 4% to $2.87 billion and earnings before interest and tax surged 49% to $168 million.
Boral said net loss in the period widened 4% to $26 million and net income before one-time items climbed 73% to $90 million.
Commonwealth Bank of Australia
rose 0.4% to $76.20 after the banking services provider stated total revenue in the first-half ending in December jumped 8% to $9.68 billion from $8.97 billion a year ago.
Net profit climbed 16% to $4.21 billion from $3.63 billion and basic earnings per share increased to $2.64 from $2.34 a year earlier
The company is set to exceed analysts’ estimate of $7.8 billion in annual net income.
declined 3% to $67.75 after the biopharmaceutical company stated revenue in the first-half ending in December advanced 4.7% to $2.69 billion from $2.57 billion a year earlier.
Net profit in the period rose 3% to $646 million compared to $624.6 million and earnings per share grew $1.33 from $1.24 a year ago.
Goodman Fielder Limited
plunged 7.3% to 63 cents after the food ingredients maker reported net in the first-half swung to a loss $64.8 million compared to net profit of 51 million a year earlier.
Stockland Corporation Limited
jumped 4.8% to $3.90 after the home builder said underlying profit in the first-half climbed 4.8% to $267 million from $255 and statutory net swung to a profit $298.1 million compared to a net loss of $147 million a year ago period.