Australia’s equity performance improves as the workforce approaches the majority government

Australian stocks rose on the morning of May 23, after election results showed that the centre-left Labor Party was approaching the 76 seats needed to form a majority government.

Benchmark as of noon on May 23 S & P / ASX 200 Is 7,165.4, representing an increase of 19.8 points or 0.28 percent. In addition, the All Ordinaries index rose 25.8 points (0.35%) to 7,416.8.

Australia’s materials sector seemed to be the biggest winner. S & P / ASX200 Material The index rose 1.56 percent to 17,556.8.

father, Fortescue Metals Stock Price Rio Tinto was up 1.9% to $ 110.40 and BHP was up 2.2% to $ 48.20, up 3.8% to $ 20.92 ($ 14.83).

However, various results have been observed in other industries. For example, the financial, technology, medical and utility benchmarks fell by about 0.5%, while the energy index rose by 0.9%.

Epoch Times Photo
The next Foreign Minister, Penny Wong (L), Labor leader Anthony Albanese, partner Jody Haydon, and son Nathan Albanese will be on the night of the Labor Party elections in Sydney, Australia on May 21, 2022. Celebrate victory at the event. Morgan / Getty Images)

Codan and Elders performed best in the market as their earnings renewals showed that they both achieved double-digit profits.

Stock price of the elderly It rose 11.68 percent to $ 15.3, reaching a record level. This was after the farming company declared it outperformed in the six months to March 31, raising its interim dividend from 40% to 28 cents per share.

Increased demand for fertilizers and crop protection products and high cattle and sheep prices were one of the positive factors contributing to the company’s performance during the reporting period.

“For the rest of 2022, the outlook for elders, their shareholders, and their customers is bright,” said CEO Mark Allison.

At the same time, stock prices of telecommunications and mining technology suppliers Codan The company’s profits increased 13.5% to $ 7.66 after it was announced that it was expected to reach $ 100 million in the 2021 and 2022 fiscal years.

“Our decision to invest in inventory rather than disappoint customers has proved to be correct,” said Codan, adding that the two acquisitions in 2021 were profitable.

On the other hand, the Star Entertainment Group, which owns Star Casino, 0.6 percent drop The stock price was $ 3.09 after the gambling company announced the replacement of incumbent CEO John O’Neill.

Alfred buoy


Alfred Bui is a Melbourne-based Australian reporter with a focus on local and business news. He is a former small business owner and holds two master’s degrees in business and business law. Contact him at [email protected]