Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Australian shares surge to 33-month high

Australian shares surge to 33-month high

Australian equities traded at the highest level in nearly three years on Monday with several Asian equity markets closed for public holidays.

The S&P/ASX 200 Index rose 0.1% as of 12:41 p.m. in Sydney to the highest level since April 2010, with a positive earnings report from retailer HB Hi-Fi Ltd. helping to boost retail stocks. Stock markets in Hong Kong, mainland China and Seoul were among those closed today for the Lunar New Year holiday. Japanese markets were also shut for a public holiday.

Key stock indexes in the Philippines and Indonesia also climbed while markets in Singapore, Taiwan and Vietnam were closed for holidays.

European finance leaders are meeting in Brussels on Monday to discuss aid to Cyprus and Greece as a tightening election contest in Italy and a political scandal in Spain shake up markets.

JB Hi-Fi surged 15.4% after reporting its first half net profit had risen 3% to $84.6 million. David Jones rose 3.6% and Myer Holdings added 3.1%.

Meanwhile, the euro fell 0.1% to 123.81 yen and held a three day decline against the US dollar. Japan’s currency gained against most of its major counterparts, extending a rally from last week when Finance Minister Taro Aso said the rate of the yen’s fall was too fast.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter