Shares advance over 1 per cent in afternoon trading; Qantas shareholders press chairman about Joyce sell-down; Macquarie profits slide; Block jumps on upgrade; oil rises. Follow here for more.
The Australian sharemarket rallied on Friday, tracking strong gains on Wall Street, as hopes the Federal Reserve may finally be done with raising interest rates gathered momentum. The benchmark S&P/ASX 200 index rose 1.2 per cent, or 83 points to 6980.9 at midday, buoyed by ten out of the 11 sectors. The interest rate sensitive real estate and technology stocks were the best performing. Goodman increased 1.7 per cent and Charter Hall climbed 3.8 per cent.
” In the UK, the Bank of England left rates on hold for the second time at 5.25 per cent after nearly two years of increases. European shares rose for a fourth day and is set for their longest winning streak since July. West Texas Intermediate crude jumped 2.4 per cent to $US82.37 a barrel. Stocks on the move Macquarie Group rebounded 0.8 per cent after it reported a 39 per cent drop in half-year net profit to $1.4 billion and declared an interim dividend of $2.55 a share.
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