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Australia Stocks gains 0.65%

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The Australian share market advanced for fifth straight session on Friday, 25 October 2019, with shares in healthcare sector leading rally after better-than-expected results from medical device maker ResMed Around late afternoon, the benchmark S&P/ASX200 index was up 43.46 points, or 0.65%, to 6,737.10, while the broader All Ordinaries rose 41.61 points, or 0.61%, to 6,838.30.

Shares of IT sector advanced the most in the benchmark index, helped by a solid jump in the price of ResMed (up 15%) after the medical device maker announced its first quarter earnings and has lifted operating profit by 19% to US$171.1 million (A$250 million) while revenue also saw double digit growth, up 16% to US$681 million.

Shares of major tech names were mostly higher, with buy now pay later provider Afterpay Touch (APT) was 1.8% higher, accounting software firm Xero (XRO) was also advancing 1.9%.

Resolute Mining (RSG) jumped 10% on news that the gold miner has repaired a key component at its Syama operations and will be fully operational in six weeks.

Waste management firm Cleanaway (CWY) shares dropped 13% on an update provided at its AGM.

CWY has downgraded earnings expectations and now anticipates 1H20 earnings to be in line with the prior year due to a combination of lower economic activity, softness in commodity prices and a reduction in local Queensland volumes following the introduction of the landfill levy.

CURRENCY NEWS: The Australian dollar declined against greenback on Friday. The Australian dollar, sensitive to shifts in broader risk appetite, changed hands at 8.15 US cents from 68.5 cents yesterday

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 25 2019. 09:51 IST
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