Australia Stocks edge up, focus on earnings

The Australian share market advanced on Wednesday, 19 February 2020, as investors digested negative cues from Wall Street overnight and focused on corporate earnings. Around late afternoon, the benchmark S&P/ASX200 index added 12.40 points, or 0.17%, to 7,126.10, while the broader All Ordinaries rose 11.88 points, or 0.16%, to 7,220.20.

Domino's Pizza Enterprises shares were up almost 12% after Fast Food Company reported a nearly 30% increase in first-half profit on 29% jump in revenue and raised its interim dividend.

Wesfarmers shares grew more than 3% after conglomerate's reported a 6% increase in net profit from continuing operations not including leasing standards, but slashed its interim dividend payout. WES also announced it sold ~$1 billion worth of Coles Group (COL) shares.

 

Iron ore miner Fortescue Metals (FMG) is 1.1% higher after delivering record first half revenue on an elevated iron ore price.

Logistics software firm Wistech Global (WTC) fell 21% even with strong growth for earnings over the first half. Revenue jumped 31% and EBITDA rose 29% but the concern is over a downgrade to its FY guidance on the coronavirus impact.

CURRENCY NEWS: The Australian dollar slid to 0.6686, from above the 0.67 level earlier this week after Dec qtr wages data grew in-line with expectations at 0.5% with annual growth of 2.2%. .

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