Advanced Search

Share Coverage



Category: Business, Economics and Finance / Company News / Markets / Currency / Stockmarket

Midday markets: Australian shares climb higher, banks, materials support

Wednesday, 13 Jul 2016 10:47:09 | Thuy Ong

Australian shares are modestly higher, though gold miners have taken a hit. (Reuters: David Gray)

Australian shares have climbed higher, supported by banks and miners after US stocks reached fresh record highs overnight.

Markets at 12:08pm (AEST):

  • ASX 200 +0.2pc to 5,365; All Ordinaries +0.3pc to 5,448
  • Major gains: Blackmores +6.7pc to $145.05, Fortescue Metals +5.8pc to $4.41, OZ Minerals +5.4pc to $6.87
  • Major losses: Newcrest Mining -3.1pc to $25.38, CSL -1.9pc to $110.41, South32 -1.8pc to $1.92
  • Regional markets: Hang Seng +0.6pc to 21,345, Shanghai composite +0.3pc to 3,058, Nikkei +1.2pc to 16,293
  • AUD: 76 US cents, 57.2 British pence, 79.2 Japanese yen, 68.7 euro cents, $NZ1.045

Banking stocks led the index higher, with ANZ adding 1.5 per cent, while Australia's top lender, Commonwealth Bank of Australia gained 0.7 per cent.

"It's been almost 12 months since our index spent significant time above this level (of 5,400) and the psychological impact of this number should not be underestimated," said Gary Huxtable, client adviser at Atlantic Pacific Securities in a note to clients.

"The banks and resources are the path of least resistance for those looking for exposure this morning."

The benchmark ASX 200 index was hovering at one-month highs after a volatile period that saw stocks old off after the Brexit vote before recovering.

It is set to post a fifth consecutive session of gains, which would be its longest winning streak since early May.

There was weakness among gold miners as the precious metal hovered near its lows from the previous session.

Gold had posted its biggest fall in seven weeks as investors piled into global stocks on easing political uncertainty in the UK.

Newcrest Mining dropped 3.1 per cent, while Northern Star Resources tumbled 2.1 per cent.

Elsewhere, the Westpac-Melbourne Institute monthly consumer sentiment index fell 3 per cent in July to 99.1, indicating pessimists now slightly outnumber optimists.

AustraliaPlus


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend