ASX rebounds from $63b blow; court finds ex-Star CEO breached duties

The Australian sharemarket rebounded from a $63 billion wipeout at the open on Thursday, following gains on Wall Street after data signaled a strong US economy and kept the prospect of rate cuts alive.
The S&P/ASX 200 Index was up 0.7 per cent, or 62 points, to 8963.20 at 10.10am AEDT , with nine of the 11 sectors in positive territory, bouncing back from Wednesday's 1.9 per cent drop - the second-biggest fall in a year.
Interest rate sensitive tech stocks were the biggest risers, buoyed by strong overnight gains on the Nasdaq as robust economic data bolstered hopes for more US rate cuts. WiseTech Global rose 4.2 per cent and Xero 5.3 per cent.
Investors also returned to the major banks with ANZ gaining 1.1 per cent, Commonwealth Bank 1.3 per cent, Westpac 1.4 per cent and National Australia Bank 2.2 per cent.
Energy was the weakest sector as oil prices remained relatively stable at around $US81.40 an ounce. Capital.com senior market analyst Kyle Rodda said markets were still hopefully of an off-ramp in the Middle East
"Reports that Iran had reached out via back channels to discuss a detente helped sentiment, although it was later quashed by the Iranians," he said. "It's likely that this is still a market exposed to the kind of two-way volatility that tends to persist in environments of high uncertainty.
Woodside dived 3.2 per cent, while Santos edged up 0.1 per cent and coal miner Whitehaven Coal added 1.7 per cent following another rise in coal prices.
Miners were also down as BHP retreated 1.6 per cent. Gold remained around $US5150 an ounce, which weighed on miners following strong gains at the start of the week. Newmont fell 1.7 per cent, Northern Star 2.7 per cent and Evoultion Mining 1.8 per cent.
Stocks in focus
Pengana Capital added 4.2 per cent as it appointed Antipodes to assist with the management of its international equities listed investment company.
The Lottery Corporation fell 0.7 per cent after it said it would implement a new operating model from July 1, creating three customer-facing business units and reshaping its executive team as it pushes deeper into digital growth.
Bapcor gained 3.6 per cent as it opened the retail component of its fully underwritten 1-for-1.36 pro rata accelerated non-renounceable entitlement offer, first announced on February 26.
Market operator ASX Limited rose 1.1 per cent after it reported a 48 per cent uplift year-on-year in average daily trades throughout the month of February.

Sumber : AFR