The Australian sharemarket was unable to hang on to its early gains during Wednesday’s session, as weakness in communication services stocks pulled the benchmark index slightly into the red.
Webjet was among the biggest winners, closing 7.7 per cent higher after the travel company revealed plans to separate its two travel divisions into separate entities that may be publicly listed on the ASX, as well as a profit surge. Inghams shares closed 5.8 per cent lower, after earlier dipping as much as 10 per cent intraday, after Avian influenza was detected at an egg farm in Victoria. The shares recovered after the poultry supplier issued a statement saying neither its operations nor supply chain were affected.. The stock fell 4.2 per cent after shedding 2.7 per cent a day earlier.announced he would step down at the property giant’s next shareholder meeting in November. The property giant’s shares fell 1.3 per cent.
The company, which operates 508 department stores across the United States, also raised the bottom end of its forecasts for upcoming sales and profit, spurring the advance.
Source: News Formal (newsformal.com)
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