AU Evening Wrap: V-shaped week ends with three straight gains

The $S&P/ASX 200 (.XJO.AU)$ surged 56 points or 0.79 per cent this afternoon to a third day of gains.

Bulk metal producers rose for a second day since China unveiled a package of stimulus measures. $Fortescue Ltd (FMG.AU)$ gained 3.81 per cent, $BHP Group Ltd (BHP.AU)$ 1.47 per cent and $Rio Tinto Ltd (RIO.AU)$ 1.44 per cent.

Retail conglomerate $Wesfarmers Ltd (WES.AU)$ gained 0.65 per cent after reporting a 13.1 per cent improvement in profits in the second half. The firm said retail trading conditions "remained robust" through the first seven weeks of the new fiscal year. A Covid-affected first half knocked the group's full-year net profit down 2.9 per cent to $2.352 billion.

$Bega Cheese Ltd (BGA.AU)$ surged 11.76 per cent after reporting a 17 per cent rise in normalised full-year profit to $46.3 million. The Vegemite and dairy producer was able to reduce debt by $60 million to $265 million as revenues topped $3 billion.

Record revenue of $920 million and a net profit of $540.8 million lifted rare earths miner $Lynas Rare Earths Ltd (LYC.AU)$ 1.23 per cent. The company outlined plans to expand significantly in the next few years to take advantage of strong demand for green metals.

$Ramsay Health Care Ltd (RHC.AU)$ fell 3.32 per cent after a consortium led by US private-equity giant KKR withdrew a non-binding, indicative all-cash offer to acquire the company. The consortium indicated it was committed to pursuing an alternative proposal offering a mix of cash and shares in French group Ramsay Sante. Ramsay also announced its full-year profit slid 39 per cent to $274 million as Covid delayed elective surgeries.

Employee management services firm $Smartgroup Corporation Ltd (SIQ.AU)$ sank 11.43 per cent after warning wage inflation and interest rate rises were impacting business. Half-year net profit slipped 4 per cent.