A late rally pushed the sharemarket higher for a third straight session on Thursday, extending its recovery from Monday's sell-off.
While the group reported weaker food gross margin and a fall in earnings for its Endeavour Drinks business, it lifted its dividend and said it had made a robust start to the new financial year. The announcement of a $262 million share buyback pushed Link Administration shares higher despite the company reporting an operating net profit that was 3 per cent weaker than a year ago and cutting its final dividend. It shares closed 9.4 per cent higher at $5.37.The company reported a 60 per cent increase in revenue in the first half of the year and and said it expected its full-year earnings before interest, tax, depreciation and amortisation to be at the higher end of its previous guidance.
william_mcinnes On a few fake phone calls? Hopium? How much longer can central banks keep pumping the market?