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Share market starts 2017 with strong gain

Tuesday, 3 Jan 2017 14:25:12 | Michael Janda

The Australian share market rose 1.2 per cent on its first trading day of the year. (AAP)

The Australian share market has kicked off the new year in some style, rising 1.2 per cent on its first trading day of 2017.

The gains were broad based, with the major sectors of the market all in the black.

ANZ led the major banks higher, rising 1.7 per cent to $30.94 after announcing the sale of its 20 per cent stake in a Chinese bank for $1.8 billion.

The other majors also helped the market higher, with NAB up 1.3 per cent, Westpac 1.1 per cent and Commonwealth Bank rising 0.7 per cent.

The resources sector continued its rally of late 2016 into the first trading session of 2017, with BHP Billiton up 1.6 per cent and Rio Tinto up 1.8 per cent to $60.98.

South32 had a strong 4 per cent jump to $2.86, while Oz Minerals rose 2.3 per cent.

Energy firms were mixed, with Santos and Oil Search flat, but Woodside up 1.25 per cent to $31.55.

Overall, the ASX 200 was 1.2 per cent higher at 5,733, while the All Ordinaries gained 65 points to 5,785.

However, volumes on the market were quite low, with many investors still on summer holidays, at around 500 million.

The Australian dollar rose 0.6 per cent to 72.28 US cents.

AustraliaPlus


 

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