Australian stocks opened higher on Wednesday after Wall Street rallied on encouraging economic data and positive quarterly earnings from retail giant Wal-Mart (NYSE:WMT). Metals and oil were all trading higher on Tuesday.
Egyptian Resorts Company (CAI:EGTS), Egypt's leading master developer of mega communities, announced today its consolidated results for the second quarter of 2010, reporting a net profit of EGP 2.98 million on revenues of EGP 2.85 million. Profits were supported by EGP 14.36 million in foreign exchange gains and interest income.
The Australian stock market opened lower this morning, after global markets suffered a heavy loss and all key market indices dropped significantly.
The Australian stocks market delivered a strong opening on Friday after Wall Street and European markets rallied overnight. The US shares were boosted by the encouraging corporate results and a better-than-expected report on existing home sales.
Egyptian Resorts Company (ERC) (CAI:EGTS), Egypt's largest master developer of mega resort communities, announced today that its board of directors has appointed leading academic and industry expert Dr. Samir Makary as the company's chairman.
The Australian market retreated yesterday, giving up most of the gains from previous trading session, while China signaled that the government there would not be a significant rise in the Chinese yuan in a short run. At the close, The benchmark S&P/ASX200 index ended 54.3 points, or 1.2 per cent lower, to 4558.3, while the broader All Ordinaries index was down 51.4 points, or 1.1 per cent, at 4581.3.
The Australian stocks market was slightly lower in early trade, while Wall Street delivered a flat lead overnight. Yesterday the local market posted a strong gain of 1.2 per cent, led by materials and energy stocks.
