Wagners rebounds after ASX debacle
WAGNERS Holding Co shares recovered on Wednesday as the share market ended in positive territory.
Morgans financial planner Boh Burima said the Toowoomba company performed relatively strongly after the shares lost 3.3 per cent on Tuesday.
"They're back up above $4 at the moment, over three per cent, which is great to see," Mr Burima said.
The shares closed one cent higher at $3.96 after earlier hitting a high of $4.03.
"There is a lot of infrastructure spending happening in Australia and south east Queensland, which requires a lot of Wagners' products, so they're in a really good spot."
Mr Burima said the Australian share market stabilised.
"It's up about one per cent," he said.
"We're starting to see a couple of value buyers come into the market. At the moment the fundamentals are still quite strong."
He said Tuesday's fall on the ASX and global markets was impacted by US President Donald Trump's recent company tax cuts.
"Companies have passed on some of the savings from Trump's tax cuts as wage increases, which have seen signs of inflation come through," he said.
"Because of those higher inflation levels we are seeing higher interest rates and this is the market pricing that in.
"We're really looking at this correction as a pull back of elevated levels. Fundamentals will prevail and we think this is at the moment just a correction."
The ASX200 closed 43.5 points or 0.7 per cent higher on Wednesday.