Chinese stocks in Shanghai and Hong Kong rebounded strongly Thursday, with metals and energy producers leading a broad-based advance, riding on the back of higher commodity prices. China's Shanghai Composite Index jumped 2.9% to 2,867.61 in early trading, after slumping 4.3% and weighing down regional equities Wednesday.
In Hong Kong, the Hang Seng Index and the mainland-China-focused Hang Seng China Enterprises Index each rose 1.9%.
All Ordinaries had dropped 1 points to 4386.
Some analysts are saying "The market has opened with great gusto. It's generally taking those earnings reports very well indeed".
Toll road operator Macquarie Infrastructure Group MIG has reported a net loss for the year to June 30, and says it is considering splitting its portfolio into two ASX listed companies. Net loss for the 12 months to June 30 came to $1.71 billion down from a profit of $767.3 million in fiscal 2008.
Oil and gas producer Santos Ltd STO has posted a 66 per cent drop in first half net profit. Net profit for the six months to June 30 came to $101.7 million, down from $303.7 million recorded for the same period a year ago.
Wesfarmers Ltd WES has posted a 44 per cent rise in annual profit and says it's cautiously optimistic about the economic outlook although retail trading conditions are hard to predict. Wesfarmers lifted net profit to $1.535 billion in the year ended June 30, from $1.063 billion in the previous year.
Insurer QBE Insurance Group Ltd (ASX:QBE) has reported a 19 per cent rise in half year earnings thanks largely to the benefit of premium growth in all major markets. Net profit for the six months to June 30 came to $1.02 billion, up from $859 million recorded for the same period a year ago. The company says gross written premiums rose 22 per cent to $8.06 billion. QBE declared an interim dividend of 62 cents a share. QBE Insurance shares gained 6.85 per cent to $22.16.
The best performing sector at midday is the Energy index up 349 points to 15,642. Shares in Woodside Petroleum up 5.76 per cent at $46.83. Shares in Oil Search and Origin Energy are also stronger at noon.
One of the worst performing sectors at midday is the Health Care index, down 120 points at 8,348. Shares in Living Cell Technologies down 3.45 per cent to $0.14. Shares in CSL and Ansell are also lower at noon.
Gold is currently trading at $942.65 US an ounce and the Aussie dollar is trading at 83.03 US cents.
One of the Common Mistakes Made by Investors (Not buying stocks that rise to new highs. 98% of investors are afraid to buy stocks as they begin to move into new high ground. It just seems too high to them. Don't allow your fears to dictate your purchases. Emotions are far less accurate than markets)
