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Aussie economy grows; shares gain

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Published on: Thursday, December 08, 2011

Australian shares closed higher today as Australia’s economy grew in the September quarter and the S&P 500 and Dow gained overnight.

The S&P/ASX 200 gained 30.5 points, or 0.72 per cent, to 4292.5.

The All Ords was 29.7 points, or 0.69 per cent, higher to 4351.3.

Australia’s gross domestic product grew one per cent, seasonally adjusted in the September quarter, according to the Australian Bureau of Statistics, following a revised 1.4 per cent rise during the June quarter.

Among the miners, BHP Billiton rose $0.31, or 0.84 per cent, to $37.02 and Rio Tinto put on $0.70, or 1.07 per cent, to $66.25.

In financials, ANZ gained $0.25, or 1.19 per cent, to $21.24, CBA was up $0.47, or 0.95 per cent, to $50.17, NAB put on $0.12, or 0.49 per cent, to $24.40 and Westpac rose $0.15, or 0.7 per cent, to $21.61.

Bank of Queensland yesterday announced it cut its standard variable rate home loan by 25 basis points, passing on the full cut announced by the Reserve Bank yesterday. Shares gained $0.19, or 2.39 per cent, to $8.13.

Among the energy companies, Woodside Petroleum was $0.18, or 0.54 per cent, higher to $33.66, Santos gained $0.16, or 1.2 per cent, to $13.52 and Oil Search had put on $0.02, or 0.31 per cent, to $6.50.

And in retail, Woolworths added $0.47, or 1.86 per cent, to $25.69 and Wesfarmers fell $0.20, or 0.62 per cent, to $32.

To Asia, the Nikkei was 125.99 points, or 1.47 per cent, higher to 8701.15 and the Hang Seng had risen 189.71 points, or one per cent, to 19,131.94.

The Australian dollar was buying 102.64 US cents, 65.74 pence Sterling, 76.48 euro cents and 79.79 Japanese yen.

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