Investors enjoyed a boom Monday, as resource stocks rallied following a solid Friday night for commodity markets. JB Hi-Fi surged on its earnings jump. JB Hi-Fi reported net profit after tax was up 31.7 per cent to $125.4 million from $2.6 billion of sales for the half year ended December 31. The company successfully completed the $870 million acquisition of the Good Guys on November 28. JB Hi-Fi had a total of 302 stores in Australia and New Zealand as of December 31. JB Hi-Fi ended the week on $27.79. 

Wesfarmers announced Rob Scott would be the company’s new managing director, succeeding Richard Goyder who will step down towards the end of 2017. Mr Scott started with the company in Perth in 1993 before moving into investment banking where he had various roles in corporate finance and mergers and acquisitions in Australia and Asia. The company fell slightly and ended the week on $43.09.  

Commonwealth Bank of Australia noted the ASB reported statutory net profit after tax of $525 million for the six months to December 31. Home loans increased by 10 per cent, while business, commercial and rural lending grew by 13 per cent. Customer deposits also continued to grow, despite increased competitor intensity and slowing market growth. The bank ended the week on $85.39. 

Sydney Airport provided results for the full year ended December 31. It is providing new five-year guidance of $1.3 billion for the 2017-21 period, with $450 million estimated for 2017. Operating expenses increased by $32 million. The gold price finished at $1236.50 per ounce, the WTI oil price traded at $53.72 a barrel and the Australian dollar was worth US $0.76.  

The Dow Jones finished up 4.28 points to end the week at 20,624.05. The result caused the share price index to finish down 17 points at 5738, which should lead to a negative start to trading.