Australia’s share market has risen more than 1.5 per cent from a near eight-year low but consumer confidence has sagged as a flood of profit warnings pour in and the coronavirus spreads.
Australia’s wild and unpredictable stock market has leapt more than one per cent as investors scrambled to snap up bank, supermarket and big mining stocks.
Australian stocks have plunged after fears the coronavirus outbreak could become a pandemic sparked a major sell-off on global markets.
BlueScope Steel has reported a 70 per cent plunge in first-half net profit after falls in steel prices and warns the coronavirus outbreak will “heavily impact” its China business.
Shares in Seven West Media have dropped to a record low after the media company posted a $67 million first-half loss as Australia’s TV market continued its rapid decline.
Insurance giant Suncorp Group expects the cost of three natural hazards in its second half to be capped at $300 million.