Australian Stocks: What Happened Today?

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This story features WOOLWORTHS GROUP LIMITED, and other companies.
For more info SHARE ANALYSIS: WOW
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

Download related file: afternoon_report_2013-02-28

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

Japan leads Asia higher on BoJ nomination

Asian stocks rallied today with the Nikkei-225 surging 2.4% as Japan's Prime Minister Shinzo Abe nominated Asian Development Bank President Haruhiko Kuroda as the next governor of the Bank of Japan. The region's markets extended gains following a strong lead from the U.S. after rumours officials are meeting to discuss spending cuts and a strong housing report spurred the S&P 500 to a 1.4% gain.

The local market shrugged off a report showing an unexpected decline in business investment last quarter amid a series of better than expected earnings reports. Woolworths ((WOW)), Australia’s largest retailer, added 2.7% today after saying its first half profit surged 19% on only a 3.2% gain in revenue, amid cheaper food imports (stronger Aussie dollar) and cost cutting.

Perpetual ((PPT)) advanced 4.2% after posting revenue that beat revenue forecasts and posted a 19% increase in net profit after tax to $27.3 million for 2H 2012.

To read today's report in PDF in full, see link at the top of this story.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd (‘Seismic Research’) accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

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