Call us on 1300 794 893

Business News

Small gain for share market

| More

Published on: Tuesday, July 11, 2017

The share market has managed a modest gain, with resources stocks among the best performers.

The benchmark S&P/ASX200 index rose 0.08 per cent to 5,728.9 points, as strength among mining, energy and bank stocks offset falls in the healthcare, real estate and telco sectors.

The Australian dollar rose to be trading at 76.20 US cents at 1700 AEST after surveys showed a lift in business conditions and confidence in June, while May’s housing finance data revealed a rise in lending to owner occupiers and a fall in investor loans.

Phillip Capital senior client adviser Michael Heffernan said there was no significant company or economic news or leads from overseas markets to provide investors with direction.

“So it’s a bit of a variegated market as rises and falls are concerned,” he said.

“There’s no significant catalyst unless North Korea drops a bomb, and I don’t think that’s going to happen.”

The major miners and energy producers were boosted by a rise in the price of oil, and steadying iron ore prices.

BHP Billiton added 1.1 per cent, Rio Tinto improved 0.8 per cent, Fortescue Metals jumped 3.5 per cent, Oil Search added 0.5 per cent and Woodside Petroleum was 0.2 per cent higher.

Among the big banks, Westpac was the best performer, up 0.7 per cent, with its three rivals posting more modest gains.

Vocus Group, Australia’s fourth-biggest telecommunications company, gained 2.6 per cent to $3.54 after Asian private equity firm Affinity Equity Partners put forward a $2.2 billion bid, rivalling a similar offer from the US.

Slater and Gordon surged 9.5 per cent to 8.1 cents after the embattled law firm agreed to a $36.5 million settlement of class actions brought by shareholders, allowing the stricken law firm to take another step toward a restructure.

ON THE ASX:

* The benchmark S&P/ASX200 was up 4.5 points, or 0.08 per cent, at 5,728.9 points.

* The broader All Ordinaries index was up 5.6 points, or 0.1 per cent, at 5,768.5 points.

* The September SPI200 futures contract was down one point at 5,676 points.

* National turnover was 1.9 billion securities traded worth $4.9 billion.

CURRENCY UPDATE AT 1700 AEST:

CURRENCY ASK BID PREVIOUS

AUD/USD 0.7623 0.7618 0.7605

AUD/JPY 87.21 87.14 86.72

AUD/EUR 0.6693 0.6687 0.667

AUD/NZD 1.0544 1.0535 1.0446

AUD/GBP 0.5919 0.5914 0.5904

GOLD:

The spot price of gold in Sydney at 1700 AEST was $US1,211.12 per fine ounce, up from $US1,206.80 per fine ounce on Monday.

BOND SNAPSHOT AT 1630 AEST:

* CGS 4.50 per cent April 2020, 1.9511pct, from 1.934pct

* CGS 4.75pct April 2027, 2.6945pct, from 2.6826pct

Sydney Futures Exchange prices:

* September 2017 10-year bond futures contract at 97.25 (implying a yield of 2.75pct), from 97.98 (2.12pct) on Monday

* September 2017 3-year bond futures contract at 97.96 (2.04pct), from 97.26 (2.74pct).


New on Switzer

blog comments powered by Disqus
  THE SWITZER FEED
Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300