Market Wrap: ASX shrugs off China weakness

Market Reports

After a rough few days the buyers stepped up to help the local market push almost 3 per cent higher this afternoon. 
 
Despite Chinese indices remaining well in the red local investors voted with their feet suggesting the correction was overblown and not a sign of weak fundamentals.
 
The banks surged today while energy stocks saw some marginal gains. Attention now turns to tonight’s trading on US and European markets to see their reaction to moves in China. 
 
The S&P/ASX 200 index closed 136 points up to finish at 5,137. 
 
The value of trades was $10.1 billion on volume of 1.5 billion shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ Banking Group (ASX:ANZ) and Telstra Limited (ASX:TLS).
 
On the futures market the SPI is 160 points up.
 
Company news
 
Spotless Group Holdings Limited (ASX:SPO) has maintained its gains today after it reported a solid profit result and optimism for growth going forward. The hospitality services company posted a pro forma net profit of $142.8 million, a rise of 34 per cent, on the back of growing tender opportunities and an unrelenting focus on costs. Spotless closed 6.02 per cent up at $1.85 
 
Shares in Scentre Group limited (ASX:SCG) were up today despite its reporting a significant fall in net profit to $1.08 billion in the six months to June 30. The figure is a 79.6 per cent decline on last year’s $5.3 billion but the shopping centre giant saw a 72 per cent increase in revenue for the period to $1.35 billion. Shares in Scentre closed 3.6 per cent up at $3.74 
 
Specialty Fashion Group Limited (ASX:SFH) pushed higher this afternoon as it shows a full year loss of $4.5 million on the back of major losses from Rivers.
 
Senex Energy Limited (ASX:SXY) has reported a net loss of $80.6 million this year, a reversal from last year’s $38 million profit amid plummeting oil prices. 
 
Packaging giant Amcor Limited (ASX: AMC) has posted a strong increase in net profit of $US680 million, up 35 per cent.
 
Virtus Health Limited (ASX:VRT) has shown a dip in net profit on the back of a number of acquisitions.
 
Best and worst performers of the day

The best performing sector was financials excluding REITs adding almost 4 per cent to close at 6,822. The worst performing sector was telco services, losing 0.8 per cent to close at 2,069 points.
 
The best performing stock in the S&P/ASX 200 was Pacific Brands Limited (ASX:PBG), rising 15.58 per cent to close at $0.45. Shares in Fortescue Metals Group Limited (ASX:FMG) and Transfield Services Limited (ASX:TSE) also closed higher.
 
The worst performing stock was Whitehaven Coal (ASX:WHC), dropping 8.37 per cent to close at $0.98. Shares in Drillsearch Energy Limited (ASX:DLS) and Senex Energy Limited (ASX:SXY) also closed lower.
 
Commodities

Gold is trading at $US1,153 an ounce.
Light crude is $2.39 down at $US38.06 a barrel.

The Australian dollar is buying $US0.7191