Rise and rise of $A triggers reporting season nerves
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The sharp rally in the Australian dollar could damage profits for some companies in the upcoming February reporting season, strategists are warning.
The Australian dollar has rallied about 12 per cent since the end of June and now stands at US77¢.
The S&P/ASX 200 has rallied as well, although futures are pointing to a slightly lower open on Monday, trading down 0.2 per cent, after US stocks sagged into a long holiday weekend.
Morgan Stanley s Chris Nicol says analysts haven t caught up with the rising Aussie.
Jessica Hromas
The speed of the currency rally has been such that analysts haven t really caught up, said Chris Nicol, head of Australian equity strategy at Morgan Stanley.
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NZ Herald
New Zealand
The SPX NZ50 was down 0.2 per cent on the day. All peer indices were down between 0.2 and 0.3 per cent with the size factor not playing a decisive role in yesterday s trading.
The best performing sectors on the day were Energy, up 1.2 per cent, and Consumer Non-Cyclicals, up 1.0 per cent. Utilities and Real Estate were the worst-performing sectors on the day, respectively down 1.2 and 0.7 per cent.
Retirement village operator Oceania Healthcare was the best performer on the day, up 3.1 per cent. Generator retailer Trustpower was the next best performer, up 2.6 per cent. Generator retailer Meridian Energy was the worst performer on the day, down 2.4 per cent. Fibre optics network owner Chorus was the next worst performer, down 2.2 per cent for the day.