The All Ordinaries (INDEXASX: XAO) gained 0.5 per cent on Wednesday as positive news in China spread throughout global markets.
A number of restrictions by the government aimed at reducing speculation on Asian share markets has boosted the market in recent days.
In Australia, the energy sector struggled following news that a potential $80 billion merger between Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) would no longer be going ahead; Santos shares fell 5.7 per cent on the news.
Miners were again in focus, with BHP Group Ltd (ASX: BHP) rallying 1 per cent on another positive day for iron ore but the likes of lithium miner Pilbara Minerals Ltd (ASX: PLS) leading the way, gaining 5.6 per cent after announcing a new supply deal with its Chinese partner.
Shares in Amcor CDI (ASX: AMC) finished 1.4 per cent lower after Amcor announced a 9 per cent fall in sales, which sent profit down to $US286 million, a more than halving and resulted in another 2,000 job cuts.
Cettire overcomes weak consumer: NAB CEO to step down
Shares in National Australia Bank Ltd (ASX: NAB) finished 0.2 per cent lower on Wednesday following news that successful CEO Ross McEwan would be stepping down after turning NAB around. He will be replaced by Andrew Irvine, the head of NAB’s business bank and fasted growing division.
BWP Trust (ASX: BWP) gained 4.2 per cent after BWP saw a slide in valuations slow, while also confirmed that lower valuations were being offset by a 4.8 per cent increase in rental payments in 2023.
Luxury goods retailer Cettire Ltd (ASX: CTT) surged 25 per cent after Cettire managed to deliver an 89 per cent jump in sales to $354 million, while flagging a strong start to the second half of the year.
Dow nears record high as Ford surprises: Chipotle sales jump
The Dow Jones Industrial Average (INDEXDJX: .DJI) continues to trade around record highs, gaining 0.4 per cent on Wednesday, while the S&P 500 (INDEXSP: .INX) surged 0.8 per cent and the Nasdaq Composite (INDEXNASDAQ: .IXIC) 1 per cent as earnings season continues to surprise to the upside.
Among the strongest reports came from Uber Technologies Inc (NYSE: UBER) and Ford Motor Co (NYSE: F) with the former reporting revenue well ahead of expectations, at US$9.9 billion for the quarter from US$8.6 billion in the prior period. It was a similar story for Ford, which saw revenue smash expectations and management announced a new EV model that would compete with Tesla Inc’s (NASDAQ: TSLA) lower cost Model 2.
Shares in social media platform Snap Inc (NYSE: SNAP) fell more than 35 per cent after Snap reported weaker than expected advertising revenue and downgraded expectations.
