Market Update
LegalZoom.com's Quarterly Loss Shrank
Scott Peters
12 Aug, 2022
New York City
LegalZoom.com Inc jumped 23.2% to $13.58 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Illumina Lowered Annual Revenue Growth Estimate and Forecasted Loss
Scott Peters
12 Aug, 2022
New York City
Illumina, Inc plunged 8.8% to $207.67 after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted loss per share between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
Movers: Illumina, LegalZoom, Mister Car Wash, Olo, Poshmark, Toast, Wheels Up
Barry Adams
12 Aug, 2022
New York City
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index futures are indicating 0.5% increase and the Nasdaq Composite index are showing 0.4% rise at the opening.
For the week, the S&P 500 index is up 0.4% and the Nasdaq Composite index is higher 0.5%.
The market rally since mid-June has extended the S&P 500 index by 14.7% and the Nasdaq Composite index by 20.0%.
The S&P 500 index is set to close higher for the fifth week in a row, the longest winning stretch since April 2021.
Illumina, Inc plunged 8.8% to $207.67 after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted loss per share between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 23.2% to $13.58 after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Mister Car Wash Inc dropped 10.1% to $10.79 after the company said second quarter revenues increased 14.2% to $225.2 million from $197.1 million a year ago.
Comparable store sales plunged to 2.4% in the second quarter compared to 93.0% a year ago.
The company swung to net income of $35.7 million or 11 cents a diluted share from a loss of $110.3 million or 42 cents a diluted share.
For the full-year 2022, the company lowered same store growth outlook to 3.0% to 5.0% from the previous estimate of 5.0% to 7.0%.
The company also lowered its 2022 revenues estimate between $860 million and $880 million from the previous estimate between $875 million and $895 million.
Olo Inc plunged 33.2% to $8.65 after the restaurant software developer said total revenues in the second quarter increased 27% from a year ago to $45.6 million.
Net loss in the quarter was $11.7 million or $0.07 per share compared to $2.4 million or $0.02 per share a year ago.
Olo lowered its third quarter and full-year revenue growth outlook.
For the third quarter, revenues are now estimated between $46.5 million and $47.0 million.
For the full-year 2022 revenues are estimated to fall between $183.0 million and $184.0 million from the previous estimate of between $195.0 and $197.0 million.
Poshmark Inc plunged 15.2% to $10.94 after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
Toast Inc increased 13.6% to $20.59 after the restaurant payment processor posted second quarter revenues increased 58% from a year ago to $675 million.
Gross payment volume on the Toast system increased 62% from a year ago to $23.3 billion.
Net loss in the second quarter shrank to $54 million from $135 million a year ago.
The company guided third quarter revenues between $700 million and $730 million and for full-year 2022 revised higher between $2.62 billion and $2.66 billion from $2.50 billion and $2.55 billion.
Wheels Up Experience increased 2.5% to $2.65 after the on-demand private jet service provider reported said second quarter net revenues increased 49% to $425.5 million.
Active members at the end of the second quarter increased 20% to 12,667.
Net loss in the second quartet surged 220% to $92.0 million from $28.9 million from a year ago.
On Wall Street Stocks Extend 8-week Rally
Barry Adams
12 Aug, 2022
New York City
Optimism reigned on Wall Street on the hopes that the recent continued decline in crude oil prices will be reflected in the inflation data for August.
The inflation peaking theory is taking hold among investors and may are betting that the interest rate hike at the next Fed's policy meeting may be lower than 75 basis points.
The S&P 500 index futures are indicating 0.5% increase and the Nasdaq Composite index are showing 0.4% rise at the opening.
For the week, the S&P 500 index is up 0.4% and the Nasdaq Composite index is higher 0.5%.
The market rally since mid-June has extended the S&P 500 index by 14.7% and the Nasdaq Composite index by 20.0%.
The S&P 500 index is set to close higher for the fifth week in a row, the longest winning stretch since April 2021.
Movers: Illumina, Poshmark, LegalZoom
Illumina, Inc plunged 20% after the gene-sequencing technology company said second quarter revenues increased 3% to $1.26 billion from $1.13 billion a year ago.
The company swung to a net loss of $535 million from $185 million a year ago.
The current quarter included $609 million in legal contingencies for the potential fine that the European Commission may impose of up to 10% of our consolidated annual revenues and an estimated accrual of $156 million related to the settlement of litigation with the U.K.-based BGI Group in July 2022.
In the quarter, the diluted loss per share was $3.40 compared to a profit of $1.26 a year ago.
The company also lowered its 2022 revenue growth outlook to between 4% and 5% and GAAP diluted earnings per share loss between $2.93 and $2.78.
The company earlier guided in May at the time of the release of the first quarter results consolidated revenue growth in the range of 14% to 16% and GAAP earnings per diluted share of $2.33 to $2.53.
LegalZoom.com Inc jumped 2.2% after the online legal content forms and support provider said revenues in the second quarter increased 9% to $163.8 million from $150.4 million a year ago.
Net loss in the quarter shrank to $13.8 million or 7 cents a diluted share from $38.4 million or 31 cents a diluted share a year ago.
Average order value increased 5% to 296 from $282 a year ago and subscription revenues increased to $91.3 million from $69.4 million a year ago.
The company guided third quarter revenues between $149 million and $151 million.
The company lowered its full-year 2022 revenues estimate in the range of $612 million to $616 million from the previous estimate between $650 million and $660 million.
Poshmark Inc fell 2% after the social fashion marketplace operator said second quarter revenues increased 9% to $89.1 million and gross merchandise value increased 8% to $483.5 million from $449.6 million a year ago.
Active buyers in the twelve months ending in 12 months to the second quarter increased 14% to 8 million from 7 million a year ago.
Second quarter loss jumped to $22.9 million from $2.5 million a year ago and diluted loss per share rose to 29 cents from 3 cents.
Poshmark guided third quarter revenues between $85 million and $87 million and adjusted operating loss between $9 million and $11 million.
Six Flags Park Attendance In Second Quarter Plunged 22%
Brian Turner
11 Aug, 2022
New York City
Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.
Second quarter revenues declined 5% to $435 million from $460 million a year ago.
Net income in the period plunged 36% to $45 million from $71 million a year ago.
Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.
Warby Parker Second Quarter Loss Expands, Revenues Rose 14%
Scott Peters
11 Aug, 2022
New York City
Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.
Average revenue per customer increased 8.2% from a year ago to $254.
Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.
The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.
The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.
Bumble Quarterly Loss Shrank, Lowers 2022 Revenue Outlook
Scott Peters
11 Aug, 2022
New York City
Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.
Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.
Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.
Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.
The dating app operator guided third quarter revenues between $236 million and $240 million.
Bumble lowered full-year revenues between $920 million and $930 million from the previous range between $934 million and $944 million,
Walt Disney Net Jumps 53%, Free Cash Flow Falls
Scott Peters
11 Aug, 2022
New York City
Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.
Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.
Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.
Weekly Jobless Claims Rise to 2022 High
Brian Turner
11 Aug, 2022
New York City
Weekly initial jobless claims rose 14,000 to 262,000 for the week ending on August 6 from the previous week's downwardly revised level of 248,000, the Department of Labor said Thursday.
Producer Prices In July Drop 0.5%
Brian Turner
11 Aug, 2022
New York City
The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.
On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.
The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.
The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.
The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.
However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.
Morning Gains Evaporate On Inflation Level Worries
Barry Adams
11 Aug, 2022
New York City
Morning gains on Wall Street evaporated after benchmark indexes slid in a volatile session.
Popular indexes opened higher but struggled to hold on to advances as investors lacked enthusiasm and the Fed officials reiterated that the fight against inflation is far from over.
The Producer Prices index, a measure of wholesale prices, declined 0.5% on an adjusted basis in July after rising at 1.0% in June and 0.8% in May, the U.S. Bureau of Labor Statistics reported Thursday.
On an unadjusted basis, the measure of wholesale prices rose 9.8% from a year ago.
The core index, excluding food, energy and services, rose at a slower pace of 0.2% after rising at 0.3% in June. On a yearly basis, the core index rose 5.8%.
The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.
The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.
However, Fed officials reiterated the Fed's commitment in lowering inflation to its target rate of 2%.
Movers: Bumble, Disney, Six Flags, Sonos, Vacasa, Warby Parker
Barry Adams
11 Aug, 2022
New York City
Stocks extend gains on Wall Street after wholesale prices declined in July following the slight cooling in consumer prices.
The S&P 500 index increased 0.03% to 4,211.03 and the Nasdaq Composite index fell 0.5% to 12,795.03.
Tech stocks led the gainers for the second day in a row.
Apple, Amazon, Meta, Alphabet, and Meta traded in the positive.
Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.
Second quarter revenues declined 5% to $435 million from $460 million a year ago. Net income in the period plunged 36% to $45 million from $71 million a year ago.
Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.
Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.
Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.
Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.
Sonos Inc declined 25% to $17.06 after the maker of high-end speakers said revenues in the fiscal third quarter ending on July 2 edged down 2% to $371 million.
In the period, the company swung to a loss of $0.5 million from a profit of $17.8 million a year ago.
The company lowered its fiscal year 2022 revenue outlook to a new range between $1.730 billion and $1.755 billion, representing growth of 1% to 2% from fiscal 2021, or growth of 4% to 5% on a constant currency basis.
This compares to a prior outlook range between $1.95 billion and $2.0 billion, which represented growth of 14% to 16% from fiscal year 2021.
Bumble Inc declined 7.8% to $31.79 after the dating app company said second quarter revenues increased 18.4% to $220.5 million from $186.2 million, including the negative currency impact of $9.4 million.
Bumble App revenue soared 33.2% to $169.6 million but Badoo App and other revenue fell 13.7% to $50.8 million.
Average Revenue per Paying User or ARPU increased to $23.65 from $20.88 and average paying customers increased to 3.0 million from 2.9 million a year ago.
Net loss in the quarter shrank to $6.4 million from $11.1 million a year ago.
The dating app operator guided third quarter revenues between $236 million and $240 million and full-year revenues between $920 million and $930 million
Vacasa Inc soared 35.3% to $4.12 after the vacation rental management firm said second quarter revenues increased 31% to $310 million.
Vacasa swung to a net profit of $10 million from a loss of $20 million a year ago.
The rebound in travel lifted the demand for vacation rental properties.
Gross Booking Value soared 32% to $676 million and nights sold increased 17% to 1.6 million.
Gross booking value per night sold increased 13% from a year ago to $411.
Warby Parker increased 19% to $16.82 said second quarter revenues increased 13.7% to $149.6 million and active customers increased 8.7% to 2.26 million.
Average revenue per customer increased 8.2% from a year ago to $254.
Net loss in the quarter increased to $32.1 million or 28 cents a diluted share from $10.3 million from 35 cents a diluted share a year ago.
The eyewear retailer lowered full-year 2022 net revenues to between $584 million and $595 million, representing growth between 8% and 10% a year ago.
The company had previously guided full-year revenues to fall between $650 million and $660 million and growth between 20% and 22% from a year ago.
Investors Bid Up Stocks On Softer but Elevated Inflation Reports
Barry Adams
11 Aug, 2022
New York City
Stocks extend gains on Wall Street after wholesale prices declined in July following the slight cooling in consumer prices.
The Producer Prices index declined 0.5% in July and the index excluding volatile food and energy prices also eased.
The surprise decline in wholesale prices followed the slight cooling of consumer prices to 8.5% reported on Wednesday.
The back-to-back two inflation reports lifted the hopes that the Federal Reserve may moderate the rate hikes at the next meeting in late September.
The yield on 10-year U.S. Treasury notes increased to 2.84% and 2-year notes rose to 3.21%.
The average price of a gallon of gasoline declined to $3.99 on Thursday, the Automobile Association of America reported.
The average price peaked at $5.02 per gallon in June and the national average has not fallen below $4 a gallon since March 5.
Futures of crude oil prices rose $2.75 to $94.68 a barrel and natural gas rose 30 cents to $8.61 a thermal unit.
The S&P 500 index increased 0.3% to 4,227.53 and the Nasdaq Composite index was nearly unchanged at 12,848.13.
Tech stocks led the gainers for the second day in a row.
Apple, Amazon, Meta, Alphabet, and Meta traded in the positive.
Six Flags Entertainment Corp plunged 22% to $20.31 after the operator of the amusement park said attendance in the quarter dropped 22% to 6.7 million from 8.5 million a year ago.
Second quarter revenues declined 5% to $435 million from $460 million a year ago. Net income in the period plunged 36% to $45 million from $71 million a year ago.
Total guest spending per person increased 23% to $63.87 from $51.94 a year ago.
Walt Disney Company increased 5.7% to $118.95 after the media and theme park operator reported better-than-expected revenues and earnings on the stronger attendance at parks.
Disney said revenues in the fiscal third quarter ending on July 2 rose 26% to $21.5 billion from $17 billion a year ago.
Net income in the quarter rose 53% to $1.41 billion or 77 cents a diluted share from $923 million or 50 cents a diluted share.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Free cash flow in the quarter declined to $187 million from $528 million a year ago on higher capital expenditures in parks and resorts.
Sonos Inc declined 25% to $17.06 after the maker of high-end speakers said revenues in the fiscal third quarter ending on July 2 edged down 2% to $371 million.
In the period, the company swung to a loss of $0.5 million from a profit of $17.8 million a year ago.
The company lowered its fiscal year 2022 revenue outlook to a new range between $1.730 billion and $1.755 billion, representing growth of 1% to 2% from fiscal 2021, or growth of 4% to 5% on a constant currency basis.
This compares to a prior outlook range between $1.95 billion and $2.0 billion, which represented growth of 14% to 16% from fiscal year 2021.
Volatile European Markets Lacked Direction On Mixed Corporate Earnings
Bridgette Randall
11 Aug, 2022
Frankfurt
European markets traded higher and investors digested a mixed bag of corporate earnings and German bond yields rose.
In regional economic news investors reviewed the jobless rate in Sweden, Turkey's current account balance, and the home price direction in the U.K.
Sweden's unemployment rate in July edged up to 6.7% from 6.6% in June, according to the data released by the Swedish government agency Public Employment Service.
The jobless rate was the highest since the 6.81% rate in April.
Turkey's current account deficit in June narrowed to $3.45 billion from $6.57 billion, largely on the account of improvement in service surplus.
Merchandise goods deficit decreased to $6.426 billion in June from $8.878 billion in May and in travel services registered a net inflow of $2.728 billion in June.
Home prices in the U.K. continued to advance in July, the Residential Market Survey from the Royal Institution of Chartered Surveyors showed Thursday.
A net 63 percent of respondents said home prices are rising in July, lower than 78 percent in April but still significantly above the long term average of 13 percent.
Lack of new home supply is driving the U.K.'s home price surge.
The DAX index increased 0.1% to 13,716.14, the CAC-40 index increased 0.2% to 6,536.79, and the FTSE 100 index fell 0.6% to 7,462.56.
Deutsche Telekom AG increased 0.2% to 18.89 euros after the company reported a weaker profit in the second quarter but lifted the 2022 earnings outlook.
Siemens AG dropped as much as 1.5% before recovering to 0.7% rise to 110.06 euros after the industrial company reported second quarter loss, first loss in 12 years.
Siemens swung to a quarterly loss on the account of expenses of business closure in Russia and investment in Siemens Energy.
Aegon NV soared 9.2% to 4.86 euros after the Dutch financial services company reported second quarter net revenues declined 4% to 538 million euros from 562 million euros a year ago.
Aegon swung to a quarterly loss of 365 million from a profit of 842 million a year ago on one-time non-operating expenses.
The quarterly result was impacted by a one-time charge related to reinsurance rate increases in the US, contributing to the net loss of 348 million euros.
Aegon raised its 2022 guidance for operating income from 1.2 billion euros to 1.4 billion euros and expects to achieve cumulative free cash flow over the period 2021 to 2023 of at least 2.2 billion euros, ahead of the 1.4 to 1.6 billion euros target set at the 2020 Capital Markets Day
Asian Markets Close Higher After Inflation Worries Ease
Arjun Pandit
11 Aug, 2022
New York City
Stocks in Asia advanced on the rising hopes that the future U.S. rate hikes will be moderate after the U.S. inflation cooled in July.
Inflation around the world is easing after crude oil prices continued to fall and extended the six-month loss to 29% from the peak of $121.30 a barrel on March 8.
Benchmark indexes opened sharply higher after the U.S. consumer price index eased in July to 8.5% from a year ago but still stayed near the four-decade high.
On a monthly basis, prices were flat.
U.S. petrol prices at retail locations have declined for 57 days in a row from the peak of $5.23 to $4.14 a gallon.
Moreover, German consumer price growth eased in July to 7.5% from 7.6% in June and matched the preliminary estimates, according to the Federal Statistical Office data on Wednesday. Consumer prices increased 7.9% in May.
Markets in Japan were closed today to celebrate the Mountain Day.
The popular indexes in India traded in a tight range in the session as buyers added positions in tech, consumer products, and financial stocks.
The Sensex index closed up 515.31 points, or 0.88% to 59,332.60 and the Nifty index closed up 124.25 or 0.7% to 17,659.
The rupee advanced to 79.21 against the U.S. dollar following the easing of worries of larger U.S. interest rate hikes at the next policy meeting in about five weeks.
The Shanghai Composite Index rallied 1.6 percent to 3,281.67, while Hong Kong's Hang Seng Index spiked 2.4 percent to 20,082.43.
Longfor Group Holdings jumped 5.7% to HK$22.10 after the real estate company denied rumors that it missed its latest payment for commercial paper.
Real estate companies have been under a close scrutiny after mortgage boycotts have spread to several smaller cities on mainland China.
The Kospi index in Seoul, Korea jumped 1.7% to close at 2,523.78 following the advances in Asian markets.
LG Chem, LG Energy Solution, and Samsung Electronics advanced between 1% and 3%.
The ASX 200 Index advanced 1.1% to 7,071 and the broader All Ordinaries Index ended 1.2% higher at 7,325.40.
Resource stocks led the gainers with BHP Billiton, Santos, Fortescue, and Rio Tinto increased between 1% and 3%.