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Global factors push shares higher

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Published on: Tuesday, April 21, 2015

By AAP

The share market has closed higher as positive offshore leads outweighed concerns about the local economy.

"The market was pretty strong out of the blocks this morning but that tempered a little bit throughout the day," Morgans private client adviser Alistair McCorquodale said.

The release of minutes from the Reserve Bank's April meeting contributed to the slowing momentum, as the bank said the response of savers and investors to rate cuts was "unusually uncertain" in the current environment of low interest rates and high household debt.

"The RBA release provided a bit of a check," Mr McCorquodale said.

Weaker commodity prices also continue to concern the RBA.

Mining stocks rose, with Rio Tinto up 84 cents, or 1.5 per cent, to $55.50 despite a 12 per cent fall in iron ore shipments during the March quarter.

BHP Billiton gained 78 cents, or 2.6 per cent, to $30.60 and Fortescue dropped two cents to $1.87.

The banks were modestly higher, with Commonwealth Bank up 45 cents at $91.78, National Australian Bank up 25 cents at $38.58, ANZ up 12 cents at $35.76 and Westpac was steady at $38.79.

Energy stocks fell, but most other sectors, particularly healthcare, made gains.

Telstra added two cents to $6.19.

KEY FACTS

  • At the close on Tuesday, the benchmark S&P/ASX200 index was up 39.2 points, or 0.67 per cent, at 5,872.3.
  • The broader All Ordinaries index was up 37.2 points, or 0.64 per cent, at 5,844.0.
  • The June share price index futures contract was 50 points higher at 5,877, with 18,500 contracts traded.
  • National turnover was 1.78 billion securities worth $4.9 billion.

 


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