S&P/ASX 200 Tipped To Bounce Back

The Australian share market, or S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index, is expected to open higher on Wednesday, following a bounce back in the Dow Jones Industrial Average (INDEX: .DJI) overnight, according to the Sydney Futures Exchange.

Here’s what you need to know:

SFE ASX 200 futures: +99

Australian Dollar ($A) (AUDUSD): 79.03 US cents

Dow Jones: up 2.3%

Oil (WTI): $US63.69 per barrel

Gold: $US1,325 per ounce

Overnight, London-listed shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) closed down 2.6% and 0.9%, respectively.

Australian Investing News

This morning, Commonwealth Bank of Australia (ASX: CBA) will be a focal point for investors following the release of its half-year financial report. Commbank, Australia’s largest company, reported revenue of $21.3 billion, up 2%, and a profit of $4.9 billion, which was flat compared to the same period a year earlier. More to come.

Nick Scali Limited (ASX: NCK), the furniture retailer, released its half-year report today. Nick Scali reported revenue of $128 million, up 8%, and a profit of $23.5 million – up 15%.

Carsales.Com Ltd (ASX: CAR), a $3.5 billion company that does online… carsales, reported a 12% jump in revenue to $200 million and a profit of $60 million, up 27%.

“It is pleasing to see us executing on our strategic priorities with strong growth from our adjacent market businesses as well as the advancement of our international growth strategy,” Carsales CEO Cameron McIntyre said.

Wellard Ltd (ASX: WLD), the $80 million agribusiness, reported a net loss of $7.5 million, which was a $10.4 million improvement on the result from a year earlier.

Wellard’s Executive Director Operations, Fred Troncone, said: “Wellard’s financial performance has improved during the first half of financial year 18 but there are still challenges ahead.”

Idp Education Ltd (ASX: IEL) reported a 27% jump in revenue for its half-year to 31 December, 2017. The education company reported a profit of $30 million, up 26%.

BWP Trust (ASX: BWP), a property trust which owns properties that are leased to companies like Bunnings, reported a 2% increase in revenue and a distribution of 8.8 cents per unit, up 2%.

Cimic Group Ltd (ASX: CIM), formerly Leighton Holdings, filed a trading update today. The diversified construction contractor increased its 2017 profit to $702 million, up 21% on the result from a year earlier.

“CIMIC Group finished 2017 in a strong position,” Executive Chairman Marcelino Fernández Verdes said. “We again reached the top of our profit guidance range and further strengthened our balance sheet, positioning us well for strategic growth opportunities, including public private partnerships, and sustained shareholder returns.”

Finally, Westpac Banking Corp (ASX: WBC) announced the appointment of Peter Nash to its board, effective 7 March 2018. Mr Nash was a senior partner at KPMG, the accounting firm.

“Peter brings significant financial, accounting, risk management and business strategy expertise which will further complement the Board’s capabilities,” Westpac Chairman Lindsay Maxsted said.