MARKET COMMENT: S&P/ASX 200 Hits 4 1/2 Year High on Earnings
February 17 2013 - 7:31PM
Dow Jones News
0001 GMT [Dow Jones] S&P/ASX 200 is up 0.3% at 5049.7,
touching hitting a fresh 4 1/2 year high of 5056.3 intraday as
domestic earnings reports mostly beat expectations and market
sentiment improves after the index broke through 5000 last week.
Strength in banks, industrials, consumer discretionary, consumer
staples and healthcare stocks is easily absorbing ex-dividend falls
in CBA (CBA.AU) and Telstra (TLS.AU). "Australian share market
sentiment has been quite negative for the past two years that it's
now seeing a significant mood shift in response to an improving
economic landscape, particularly in China," says RBS Morgans
investment adviser Christopher Macdonald. "We are seeing some
excellent results coming out of this reporting season, and even
average results are being rewarded as money is flowing out of cash
and bonds in search of capital growth and higher yields." CBA
(CBA.AU) is down 1.6% ex-dividend, while other major banks are up
1.5%-1.7%, and Bendigo (BEN.AU) has jumped 2.9% on improved
margins. Amcor (AMC.AU), BlueScope (BSL.AU) and Pacific Brands
(PBG.AU) are up 2.9%-7.4% after reporting Monday. BHP (BHP.AU),
Woodside (WPL.AU), QBE (QBE.AU) and AMP (AMP.AU) are up 0.4%-1.8%
amid short covering before they report this week.
(david.rogers1@wsj.com)
Write to Shani Raja at shani.raja@wsj.com
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