Woolworths shares rose 4.27% to close at 41.28 Australian dollars, their highest level in five years and the first close above 41 dollars since 2021, as investors sought defensive stocks while South Korea's Kospi fell more than 7% and triggered a circuit breaker. The stock is up about 58% over the past year, though the company released no company-specific news on the day. Weaker-than-expected Australian employment data also reduced expectations of further rate hikes by the Reserve Bank of Australia, supporting consumer-focused stocks. In August, the company reported fiscal 2026 group sales up 3.6% to 71.5 billion dollars and net profit before significant items up 15.4% to 1.599 billion dollars. Analyst Steven Springford of Catapult Wealth maintains a sell rating, arguing the recovery is already reflected in the share price.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on ibtimes.com.au ↗
Related news
- Woolworths Shares Jump 4 % to Five - Year High as Investors Seek Defensive Stocks Amid Global Market Turmoil
Woolworths Group shares rose more than 4% to close at 41.28 Australian dollars, their highest level in five years and the first close above 41 dollars since 2021, as investors sought defensive stocks during a volatile session in global markets. The gain came without any company-specific announcement, while South Korea's Kospi fell more than 7% on chip-stock losses and hotter-than-expected U.S. inflation data. The shares are up about 58% over the past year, recovering from a period of lost market share and criticism over pricing. Full-year results reported in August showed group sales up 3.6% to 71.5 billion dollars and net profit before significant items up 15.4%. Analyst Steven Springford of Catapult Wealth maintains a sell rating, arguing the recovery is already reflected in the share price.
- Stock Market Midday , Oct . 16 : Tech Stocks Slide as Investors Rotate Into Defensive Sectors
As of 11:37 AM ET, the S&P 500 was down 0.34% at 7,718, the Nasdaq Composite fell 1.09% to 26,419, and the Dow rose 0.29% to 52,327 as money rotated from tech into defensive sectors. Gold rose 0.17% to $4,177.51 and the 10-year Treasury yield slipped to 5.08%, with energy leading sector gainers while technology and communication services lagged. Tesla surged early after unveiling a redesigned Roadster using SpaceX technology but erased those gains by midday. Hut 8 tumbled 7% as on-chain data tracked significant Bitcoin transfers to exchanges, and Netflix fell 2% after a change in content leadership. CoreWeave dropped almost 10% and is down 23% over the past five days on AI debt fears, while investors watched Fed Chair Warsh's Bangkok remarks for clues on a possible rate hike.
- Stock Market Midday, Oct. 16: Tech Stocks Slide as Investors Rotate Into Defensive Sectors
As of 11:37 AM ET, the S&P 500 fell 0.34% to 7,718, the Nasdaq Composite dropped 1.09% to 26,419, and the Dow Jones Industrial Average rose 0.29% to 52,327 as investors rotated out of tech into defensive sectors. Gold rose 0.17% to $4,177.51, the 10-Year Treasury yield slipped to 5.08%, and energy stocks led sector gains while technology and communication services lagged. Tesla shares surged early after it revealed a redesigned Roadster using SpaceX technology but erased those gains by midday, Hut 8 tumbled 7% after on-chain data showed large Bitcoin transfers to exchanges, and Netflix fell 2% after a change in its content leadership. The Nasdaq is extending its weekly decline as chipmakers such as Intel and AMD face the rotation, while CoreWeave dropped almost 10% and is down 23% over the past five days on AI debt concerns. Investors are watching Fed Chair Kevin Warsh's Bangkok speech for hints on a possible rate hike, though he was tight-lipped on further tightening, and borrowing costs remain on many radars.
- West Asia , Ukraine conflicts drag on ; global turmoil leaves no room for political experiments
According to this opinion piece, Iran and its proxies are hurting the economic ambitions of the UAE and Saudi Arabia. A Reuters investigation cited in the article found Iran has struck at least 135 infrastructure targets in the past seven months, with the Fujairah port hit 19 times. The author argues that Gulf states' failure to retaliate reflects political confusion or lack of capacity, while tourism in Dubai and Abu Dhabi has suffered the biggest losses. In contrast, the IMF is cited as forecasting India's 2026 GDP growth at 7%, making it the fastest-growing major economy. The piece concludes that political experiments driven by vested powers will only cause chaos.
- 'Boring is not bad': CEO of Southeast Asia's largest bank pitches Singapore as a haven amid global turmoil
DBS Group CEO Tan Su Shan pitched Singapore at the DBS Asia Future Forward conference as a stable haven amid global turmoil from trade wars, El Niño weather, the Iran conflict and the Russia-Ukraine war, arguing that the city-state's predictability is a strength in volatile times. She cited Singapore's AAA-rated debt, political stability and central position in Asia, along with DBS's own top-tier credit rating, as reasons the bank can help clients diversify supply chains. Temasek, DBS's biggest shareholder, managed assets worth 518 billion Singapore dollars ($404 billion) as of March 31. On workforce strategy in the AI era, she said managers should hire for attitude, since it cannot be trained.
- Roy Morgan Business Confidence drops 2 . 6pts to 76 . 5 ; a new record high 76 % of businesses expect bad time for the Australian economy over the next five years
Roy Morgan Business Confidence fell 2.6 points to 76.5 in September 2026, its sixth straight month below 80 and just above the all-time low of 76 in July. The main driver was Victoria, down 20 points to 72.4, as the short-lived bounce under new Premier Ben Carroll faded. The Reserve Bank raised rates by 0.25% to 4.6% and annual CPI reached 4% for the 12 months to August. A record-high 76.3% of businesses expect 'bad times' for the Australian economy over the next five years, and only 26.9% say now is a good time to invest. Confidence fell in all six states year-on-year, with South Australia lowest at 65.1, while mining, at 48.3, showed the largest industry decline.
Related markets
Latest news
- Winning over Vingroup and Sun Group with concrete and special materials: Vietnamese company's profit up 136%, chairman speaks out
Song Da Cao Cuong (SCL) reported Q3/2026 profit of VND 38 billion, up 136%, on net revenue of over VND 263 billion (up nearly 98%), while gross profit margin rose from about 36% to 41%. For the first nine months, revenue reached nearly VND 666 billion (up 81%) and after-tax profit nearly VND 94 billion, already exceeding more than 110% of its full-year profit target. Chairman Kieu Van Mat attributed the results to technology upgrades, production line optimization and capacity expansion, with several new plants expected to start operations by November 2026. The company said it spent more than two years testing its products before Vingroup accepted them; Vingroup's share of its business has fallen to about 25% as customers expanded to around 10 major groups and exports began to Laos, Cambodia and the Philippines. Over the past two years, the company has invested about VND 1,000 billion in factories and technology.
- Coteccons Chairman Bolat Duisenov reveals new direction: expanding home construction for individual customers
At the annual general meeting on October 20, Coteccons (HoSE: CTD) set fiscal 2027 targets of VND 42,000 billion in revenue and VND 1,050 billion in after-tax profit, and said it is considering expanding into residential construction for individual customers (B2C). In fiscal 2026, net revenue reached VND 34,340 billion (up 38%, 115% of plan) and after-tax profit VND 788 billion (up 73%); new contract wins totaled VND 60,307 billion and backlog was about VND 70,000 billion. In the first quarter of the new fiscal year, the company booked revenue of VND 11,270 billion and profit of VND 306 billion, but new contract value of VND 14,519 billion was lower than a year earlier; the company said it is tightening criteria for selecting clients and projects. Coteccons is also working with Microsoft, is expected to become a strategic partner of Workday, and targets raising its ROE from 10% to 15-18% by 2030.
- UPS Yields 6.7% After Firing Amazon. Here's Whether the Dividend Survives 2027.
UPS shares yield 6.7% as of October 16. The company has moved away from high-volume, low-margin Amazon deliveries and froze its dividend earlier this year, ending a 16-year streak of increases. The article says the payout will likely remain frozen through 2026 and 2027, citing competition from 10- and 30-year Treasury yields above 5% and other industrial dividend payers, but calls the dividend's safety questionable: UPS generated $5.47 billion in free cash flow in 2025, with $5.4 billion going to dividends, and free cash flow is projected to fall to $5.05 billion in 2026 and $5.01 billion in 2027, with the dividend absorbing about 98% of 2026 free cash flow. Rising competition and high fuel prices add pressure, and the article suggests investors may find more safety in the industrial sector.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading on Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices stayed high. Japan's Nikkei 225 slipped 0.6% to 64,512.35 in early trading, South Korea's Kospi dropped 2.8%, and Australia's S&P/ASX 200 lost 0.8%. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq gained 1.1%, helped by Nvidia's 1.4% gain, while most stocks outside AI and tech fell and the Dow slipped 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose to $103.50 a barrel and Brent to $109.47, as uncertainty about when the energy industry will return to normal after the war with Iran means oil is unlikely to ease soon.
- Asian shares mostly decline after AI stocks lead a rebound on Wall Street
Asian shares mostly fell in cautious trading Tuesday after AI-related stocks rebounded on Wall Street, while other sectors stayed shaky and oil prices remained high. Japan's Nikkei 225 slipped 0.6% to 64,512.35, Australia's S&P/ASX 200 lost 0.8% to 8,772.10, and South Korea's Kospi dropped 2.8% to 5,605.31. On Wall Street, the S&P 500 rose 0.4% and the Nasdaq rallied 1.1%, helped by Nvidia, while the Dow fell 0.1%. The 10-year Treasury yield climbed to 5.14%, and U.S. crude rose 0.15% to $103.50 a barrel as uncertainty over the war with Iran kept oil prices elevated.
- What Could X-Energy (XE) Gain From Its 960MW Indiana Nuclear Project?
X-Energy (NasdaqGS:XE), American Electric Power and Amazon agreed to assess a 960 MW advanced nuclear project in Indiana using Xe-100 reactors, on a former coal plant site. Under the joint development agreement, Amazon would provide development funding and commit to a long-term power purchase. The article says the deal offers commercial validation for X-Energy's reactor platform rather than immediate financial relief, as the company, with a $4.3b market cap, reported $150.28 million in revenue, a $448.87 million loss, and a 20.2x price-to-sales ratio. The next key milestone is whether the study reaches a final investment decision for the Sullivan County site.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.