The share market has edged higher as investors digested mixed earnings reports from the likes of miner Rio Tinto, investment manager AMP and AGL Energy.
Falls by the big miners were offset by gains in the utilities sector, led by AGL, as well as industrials and real estate stocks.
CMC chief market analyst Ric Spooner said the market was at an “equilibrium stage”, with investors largely satisfied with current pricing and most stocks making only minor moves.
“At the moment, the main focus in the Australian market is on results,” he said.
Investors took profits on mining giant Rio, Mr Spooner said, which late on Wednesday posted an annual profit of $US4.6 billion and better than expected dividend. Its shares dropped 0.7 per cent to $65.25.
BHP Billiton fell 1.3 per cent to $25.42 as workers at its Escondida copper mine in Chile, the world’s largest, prepared to go on strike.
On the positive side, investors responded well to AMP’s annual earnings report, in which it posted a $344 million loss and announced a share buyback. Its shares rose four per cent to $5.23.
AGL Energy jumped 4.4 per cent to a new record high of $24.00 after upgrading its full year profit guidance.
ON THE ASX:
* The benchmark S&P/ASX200 gained 13.2 points, or 0.23 per cent, to 5,664.6 points.
* The broader All Ordinaries index gained 14.3 points, or 0.25 per cent, to 5,717.7 points.
* The March SPI200 futures contract was up 12 points at 5,610 points with 27,485 contracts traded.
* National turnover was 2.9 billion securities traded worth $5.6 billion.
CURRENCY SNAPSHOT AT 1700 AEDT:
One Australian dollar buys:
* 76.26 US cents, from 76.32 on Wednesday
* 85.56 Japanese yen, from 85.72 yen
* 71.40 euro cents, from 71.48 cents
* 60.98 British pence, from 61.05 pence
* 105.88 New Zealand cents, from 104.66 NZ cents
GOLD:
The spot price of gold in Sydney at 1700 AEDT was $US1,240.90 per fine ounce, up $US8.00 from $US1,232.90 on Wednesday.
BOND SNAPSHOT AT 1630 AEDT:
* CGS 5.25 per cent March 2019, 1.781pct, from 1.794pct
* CGS 4.25pct April 2026, 2.582pct, from 2.627pct
Sydney Futures Exchange prices:
* March 2017 10-year bond futures contract at 97.33 (implying a yield of 2.67pct), from 97.275 (2.725pct) on Wednesday
* March 2017 3-year bond futures contract at 98.09 (1.91pct), from 98.06 (1.94pct).
(*Currency closes taken at 1700 AEDT previous local session, bond market closes taken at 1630 AEDT previous local session)
