Experienced businessman Rob Millner is struggling to predict what's ahead for the Australian share market, given the rare trading conditions following the surprise election of US President Donald Trump.
"I think we're like a lot of people, people aren't sure which way the market's going to go," said Mr Millner, who has been a director for more than 30 years and is chairman of Washington H Soul Pattinson, building materials maker Brickworks and miner New Hope.
"It's certainly had a very good run up, yet days like yesterday it was down 90 points."
The local market has risen nine per cent since President Trump's election in November, buoyed by his promises of infrastructure spending and tax reforms.
Australian miners have also been boosted by rising iron ore prices, to around $US90 a tonne, well above what many investors had predicted.
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But concerns about delays to the passage of President Trump's healthcare legislation through congress have rattled equity markets in recent days, wiping $26 billion from the Australian market on Wednesday alone.
Investors are concerned other aspects of the president's agenda will also be held up by congress.
"We're not in unchartered waters but we're in conditions that we don't experience very often, and obviously the talk over in America is increased interest rates," Mr Millner said.
He was speaking after Soul Pattinson reported a 56 per cent rise in net profit in the six months to January 31, to $149 million.
The group received higher contributions from six of its seven major investments, most notably New Hope, due to a recovery in coal prices and its acquisition of an interest in the Bengalla coal mine in NSW.
Internet provider TPG Telecom and building products maker Brickworks also delivered improved returns.
"The earnings growth and performance across the portfolio has been extremely strong over the first half and we expect most of our investments to carry this performance through for the full year," Managing director Todd Barlow said.
The group is always on the hunt for "good quality investments at attractive prices", he added.
Soul Pattinson has bought stakes in financial services firms Pengana Capital, Hunter Hall Global Value and Hunter Hall International in the past six months.
The group's financial performance was well received by investors, with Soul Pattinson shares up 68 cents, or 4.1 per cent, to $17.41.
SOUL PATTINSON'S PROFIT SURGES
* Half-year net profit up 56 pct to $149m
* Revenue up 61 pct to $438m
* Interim dividend up 1 cent to 22 cents
