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Share markets closes on near two-month high

Thursday, 3 Mar 2016 15:33:45 | Justine Parker

Pedestrians are reflected in the window of the Australian Securities Exchange (ASX) next to a board displaying stock prices in Sydney on September 24, 2014. (Reuters: David Gray)

The share market has closed at a near two-month high after rising for the fourth day in a row, buoyed by stronger commodity prices.

The All Ordinaries index rose by 1.2 per cent to 5,142 and the ASX 200 index added 60 points to finish on 5,081.

Mining shares rallied after iron ore rose for the third day in a row — it is now firmly back above $US50.00 a tonne.

Fortescue Metals gained 6.7 per cent to $2.40.

BHP Billiton also jumped, closing 3.1 per cent higher at $17.25, after it reached a 15-year deal with the Brazilian government on damages for the fatal dam burst at its Samarco joint-venture mine late last year.

Samarco, and its co-owners BHP and Vale, have agreed to pay up to $3.15 billion over the first six years of the deal.

Bank stocks also jumped, as investors continued to cheer yesterday's stronger than expected economic growth figures — NAB led the way, up 3.2 per cent to $26.37.

Energy shares were also in favour on a bounce in oil prices.

Origin Energy added 5.3 per cent to $4.96.

But, it was Slater and Gordon that led the charge, posting the biggest gains on the ASX 200.

Slater and Gordon on life support

After writing off nearly $900 million in 'goodwill', Slater and Gordon is relying on the goodwill of its lenders for its survival.

The embattled law firm soared by 26.9 per cent, or seven cents, to finish on 33 cents, clawing back some of its recent massive losses after announcing a big half-year loss earlier in the week.

The dollar hit a two-month high after China devalued its currency by more than expected, extending its rally after yesterday's strong local economic growth figures.

At 5:00pm (AEDT) the dollar was buying 73.2 US cents, 67.4 Euro cents, 83.5 Japanese yen and 52 British pence.

Spot gold was buying $US1,239 an ounce, while Brent crude was fetching $US37.02 a barrel.

AustraliaPlus


 

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