ASX snaps three-day losing streak, Facebook surges 19pc on unexpectedly strong results

Australian shares lifted on Thursday morning, after falling for the past three trading days, as US markets began to recover from its heavy losses in recent days.

The ASX 200 gained 1 per cent, to 7,336 points, by 10:40am AEST.

Blue-chip stocks like BlueScope Steel (+2pc), Fortescue Metals (+3.6pc), BHP (+3.2pc) and Rio Tinto (+2.5pc) gave the local share market a strong boost.

The Australian dollar rose moderately yesterday, after the ABS released figures showing that consumer inflation had surged 5.1 per cent in the past year, its biggest jump in two decades.

However, it has since fallen back to 71.2 US cents. The local currency has fallen sharply this month — from 76 US cents (in early April) to as low as 71 US cents overnight.

AMP downsizes, sells off lucrative businesses

AMP shares jumped 9.8 per cent, making it one of today’s best performing stocks.

This was after the wealth manager announced it was selling its subsidiary AMP Capital’s international infrastructure equity business for up to $699 million.

The buyer is US-based digital infrastructure firm DigitalBridge.

It was the second major deal that AMP announced in two days. Yesterday, AMP revealed it was selling AMP Capital’s real estate and domestic infrastructure equity business to Dexus for up to $550 million.

After these sales, AMP will get out of the private markets business, and focus solely on banking, wealth and financial advice..

The company has been overhauling its strategy since a 2017 Royal Commission into the financial services industry that, along with a slew of corporate misconduct controversies, resulted in an exodus of clients.

A smartphone with Facebook's logo is seen in front of displayed Facebook's new rebrand logo Meta.
The number of daily active users on Facebook beat market expectations.(Reuters: Dado Ruvic)

Meta profit rises despite Russia ban

Meanwhile, the stand-out performer on Wall Street was Facebook’s parent company, Meta.

The social media company’s share price jumped 19 per cent in after-hours trade after it reported much better-than-expected quarterly results, and revealed the number of users on its Facebook platform are growing once again.

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