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Australian shares rally as earnings boost

Daily newsbrief journal for August 2011, also see http://www.usdemocrats.com/brief for a global 100-page perpetual brief and follow twitter @usdemocrats


Australian shares rally as earnings boost

Postby admin » Tue Aug 23, 2011 4:32 pm

Australian shares rally as earnings boost
SYDNEY (MarketWatch) -- Australian shares rallied in early trading, with the S&P/ASX 200 index up 1.2% at 4,221.40. Earnings were helping the gains, with oil and gas services firm WorleyParsons Ltd. up 6.8% after announcing a 25% jump in fiscal-year net profit. In the financial sector, insurance firm Suncorp-Metway Ltd. climbed 5% after reporting a 42% drop in net profit that nonetheless beat analyst expectations, while media group Seven West Media Ltd. surged 15.5% after announcing its results.
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