Australia Market ups 0.4%

The Australia stock market inclined for third session in row on Wednesday, 29 August 2018, on following positive lead from Wall Street overnight, with shares of materials and financials being notable gainers, offsetting weakness among telecom, industrial, and energy stocks. In late afternoon trade, the benchmark S&P/ASX 200 Index added 27.25 points, or 0.43%, to 6,331.90. The broader All Ordinaries Index rose 25.33 points, or 0.4%, to 6,438.90.

Investors digested news that Canada's Foreign Minister Chrystia Freeland has arrived in Washington to resume talks about the future of the three-nation North American Free Trade Agreement or NAFTA, after the U.S. and Mexico agreed to a new trade deal on Monday.

Shares of materials and resources inclined, with BHP Billiton was rising almost 1%, while Rio Tinto and Fortescue Metals rose in a range of 0.4% to 0.5%.

Financial stocks were higher, with the 'Big Four' banks leading the way. The big four banks - Westpac, Commonwealth Bank, National Australia Bank and ANZ Banking were higher in a range of 0.4% to 1%.

Energy stocks declined after crude oil prices drifted down overnight. WTI crude oil futures for October slipped $0.34 or 0.5% to close at $68.53 a barrel on the New York Mercantile Exchange. In the energy space, Santos, Oil Search, and Woodside Petroleum were higher in a range of 0.4% to 1%.

Among individual stocks, Virgin Australia shares declined almost 2% after it reported a full-year loss that widened from last year on impairments and write-offs, but swung to an underlying profit before tax.

Bellamy's Australia declined almost 7% as infant formula maker's reported a turnaround to full-year profit of A$43.3 million profit for the 2018 financial year from a loss of A$0.8 million the year before on strong revenue growth, but did not declare any final dividend and also said it is still awaiting regulatory approval for its China-labelled product.

Virgin Australia shares were 4% weaker after announcing a larger net loss of A$653.3 million in FY18 compared to the year before. The figure impacted by impairments and tax write-offs of A$571.9 million.

CURRENCY NEWS: The Australian dollar was virtually flat against the U.S. dollar on Wednesday. The Australian dollar was quoted at US$0.7347, unchanged from US$0.7347 on Tuesday.

OFFSHORE MARKET NEWS, US stock market closed higher on Tuesday. The Dow Jones Industrial Average jumped 14.38 points or 0.1% to 26,064.02, the Nasdaq ticked up 12.14 points or 0.2% to 8,030.04 and the S&P 500 inched up 0.78 points or less than a tenth of a% to 2,897.52.

The major European stock markets ended mixed on Tuesday. The German DAX Index edged down by 0.1%, while the French CAC 40 Index crept up by 0.1% and the U.K.'s FTSE 100 Index climbed by 0.5%.

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