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Market close: ASX rises on mining, energy stocks

Monday, 1 Aug 2016 16:08:47 | Justine Parker

The Australian share market neared a one-year high. (AAP)

The share market has closed just shy of a one-year high on expectations the Reserve Bank will cut interest rates to a new low tomorrow.

Markets at 6:00pm (AEST):

  • ASX 200 +0.5 pc to 5,587, All Ords +0.5 pc to 5,670
  • Major gains: Whitehaven Coal +8.3pc to $1.83, St Barbara +7pc to $3.22, Independence Group +5.5pc to $4.24
  • Major losses: REA Group -3.7pc to $62.86, Myer -3.4pc to $1.29, APN Outdoor Group -2.1pc to $7.89
  • Euro STOXX 600 futures -0.4pc to 335.9, S&P 500 futures -0.1 pc to 2,155, FTSE -0.4 pc to 6,586
  • AUD: 75.9 US cents, 57.4 British pence, 77.7 Japanese yen, 67.9 euro cents, $NZ1.0535

Investors are also betting the latest economic data means interest rates will remain on hold in the United States.

Energy stocks led the way, despite weaker oil prices.

Whitehaven Coal fared the best, with Woodside gaining 1.9 per cent and other oil and gas stocks posting even higher gains.

Miners were also in favour, with the big two (BHP Billiton and Rio Tinto) both moderately higher and gold miners also rising.

Bank stocks were mixed; ANZ lost a quarter of a per cent to $25.78 while Commonwealth Bank added 0.8 per cent to $77.98.

Corporate news

The ASX has named its new chief executive, four months after his predecessor resigned suddenly amid a corruption investigation.

Dominic Stevens was already on the board of the ASX, and he has taken the top job at Australia's main stock exchange operator from today.

Mr Stevens replaces Elmer Funke Kupper, who resigned in March amid allegations of bribery at Tabcorp, where he had been chief executive and remained a board member.

ASX shares were little changed on the announcement, closing a quarter of a per cent higher at $49.82.

Fairfax Media shares closed 1.9 per cent lower at $1.03.

The media company says it will write down its publishing assets by nearly $1 billion and is changing the way it reports earnings at its successful separate reporting for its real-estate business Domain.

Domain made up around two-thirds of Fairfax's total earnings when it reported in February.

Economic developments

In economic news, the latest CoreLogic Home Values Index shows capital city house prices rose by 0.8 per cent in July.

The Australian Industry Group says the lower Australian dollar is driving a turnaround in the country's manufacturing industry.

The group's latest Performance of Manufacturing Index shows the sector is now into its 13th month of unbroken growth, representing the longest period of expansion for the survey since August 2004.

To currencies, and the dollar is holding onto recent gains against a weaker greenback before the RBA board meets tomorrow.

The RBA is widely expected to cut interest rates to a new low of 1.5 per cent.

At 5:00pm (AEST) the dollar was buying 75.9 US cents, 68 euro cents, 77.8 Japanese yen and 57.3 British pence.

On commodity markets oil prices have recovered some ground after touching three-month lows, with Brent crude fetching around $US43.70 a barrel.

Spot gold was slightly weaker at around $US1,347 an ounce.

AustraliaPlus


 

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