The ASX has regained ground, with the benchmark index returning above 7,500 points and travel stocks being among the winners.
The Australian stock market ended in positive territory for the second straight day, with travel and oil stocks rising as an online trader finished with annual results.
The S & P / ASX200 gained 0.17 percent to 7503, while the All Ordinaries Index rose 0.16 percent to 7773.7.
CommSec analyst James Tao said it was followed by some decent improvements on Wall Street overnight, with tech-heavy Nasdaq standing out.
Ord Minnett said the index rose to an all-time high as investor sentiment was bolstered by the full FDA approval of the Pfizer Covid-19 vaccine and the prospect of reluctant Americans getting their chance now.
Mr. Tao said commodity stocks were a strong performance due to higher commodity prices overnight, particularly oil, which was up more than 5 percent.
“One of the best sessions in about six months, and it certainly helps our local producers,” said Mr. Tao.
Woodside was up 3.2 percent to $ 20.31, Origin was up 3.04 percent to $ 4.40, Oil Search was up 2.97 percent to $ 3.81, and his suitor Santos was up 3.19 percent $ 6.14.
Oil Search saw a major turnaround in the first half of the year with net income of $ 139 million (A $ 192 million) compared to a net loss of $ 266.2 million (A $ 368 million) for the same period last year.
Acting CEO Peter Fredricson said the company is on track to meet its production and cost projections.
Gordon Ramsay, an analyst at RBC Capital Markets, described the results as good, noting that Oil Search had made progress in reducing overhead costs.
While iron ore prices continued to decline, Rio Tinto was up 1.32 percent to $ 108.10, BHP was up 1.04 percent to $ 44.92, and Fortescue was up 1.39 percent to $ 19.76 .
S&P Global Ratings has rated BHP negative and warns that it could cut its ratings for the mining giant by up to two notches in the coming months.
“BHP’s recently announced agreement to merge its oil and gas facilities with Woodside Petroleum and distribute its stake in the merged company to its shareholders could result in a less diversified portfolio with a greater reliance on iron ore,” said the rating agency called.
Qantas was up 5.48 percent to $ 4.62, Webjet was up 6.48 percent to $ 5.26, and Flight Center was up 6.66 percent to $ 15.22.
“Travel stocks were initiated on remarks from the Prime Minister intending to end bans based on vaccination rates regardless of active cases,” said OMG Managing Director Ivan Tchourilov.
“If states follow Prime Minister’s orders, interstate travel could resume before the end of the year, and with Pfizer getting OK in the US, investors are hoping to see international travel in the not too distant future. ”
In the tech sector, Afterpay, which has to buy now and pay later, gained 1.58 percent to $ 135.10, while smaller rival Zip rose 2.52 percent to $ 7.32.
Online retailer Kogan slumped, slipping 15.77 percent to $ 11.06 after reporting a nearly 87 percent drop in 2020-21 net income.
“Despite a 50 percent increase in sales over the course of the year, they were unable to capitalize,” said Tchourilov.
“Like many other e-commerce companies, Kogan has fallen victim to Covid-related storage and logistics complications.
“In the current climate, too much inventory can get expensive quickly, and their overestimation of inventory levels in the second half was no exception.
“That, combined with Scotty’s hint that the lockdowns will end sooner, meaning consumers will be walking out of their homes and into brick and mortar stores, leaves investors skeptical of the e-commerce specialist.”
The broader retail sector was weaker: Coles lost 3.08 percent to $ 18.26, rival Woolworths lost 1.1 percent to $ 41.38, Bunnings owner Wesfarmers lost 1.58 percent to $ 64.65 Dollars, Harvey Norman lost 2.25 percent to $ 5.66, and JB Hi-Fi was down 1.54 percent to $ 47.35.
Domino’s Pizza was up 2.5 percent to $ 143.23.
Glove and condom maker Ansell fell 9.19 percent to $ 36.78 after disappointing annual results, despite the fact that its health department grew nearly 35 percent due to strong demand from the pandemic.
Citi said the company’s earnings before interest and taxes of $ 338 million
Bathroom maker Reece saw net income jump 25 percent, with CEO Peter Wilson saying construction activity had led to record results at an all-time high.
In February, Texas was badly hit by winter storm Uri, causing burst pipes and other major pipeline problems, Reece reported.
The company’s shares were down 2.88 percent to $ 25.
Construction products supplier Boral posted legal net income of $ 640 million for the full year, compared to a loss of $ 1.145 billion in fiscal 2020.
“Boral’s 2021 earnings were in line with our expectations, despite revenues from continuing operations down 6 percent,” said Saranga Ranasinghe, vice president of Moody’s Investors Service.
“The decline was due to lower product demand due to delays in large infrastructure projects and weak demand from multi-family and non-residential construction.
“The growth in single-family homes and the renovation and extension segments partially compensates for the weakness of other segments.”
Boral shares fell 5.55 percent to $ 6.27.
ANZ added 0.25 percent to $ 28.39, Commonwealth Bank gave up 0.26 percent to $ 99.91, National Australia Bank rose one cent to $ 27.40, and Westpac put down by 0.5 percent to $ 25.91.
The Australian dollar hit 72.35 US cents, 52.63 British pence and 61.58 euro cents in afternoon trading.
