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Market continues run of gains

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Published on: Friday, July 04, 2014

by AAP

The share market has achieved a third straight day of gains, with miners leading the way.

Wall Street provided a positive lead for local investors, as it climbed to record highs on strong jobs growth.

Strong industrial activity in China and hints of future interest rate cuts in Australia have also boosted local sentiment.

Investors appeared to be moving on from recent worries caused by profit downgrades from several retailers, Morgans private client adviser Alistair McCorquodale said.

“The new senate is now sitting and we are starting to see some resolution to some of those budgetary issues and a bit more certainty,” he said.

“As the market can see that certainty lining up I think its prepared to keep buying up.”

The ASX200 and All Ordinaries indices rose by 1.5 per cent for the week, the first of the new financial year.

Iron ore prices rose strongly to $US96.50 a tonne, boosting the miners.

BHP Billiton added 34 cents to $37.57, Rio Tinto rose by 15 cents to $62.60 and Fortescue Metals gained five cents to $4.68.

The major banks also rose, with National Australia Bank adding 42 cents to $33.73, ANZ rising 14 cents to $33.78, Westpac lifting 21 cents to $34.40 and Commonwealth Bank closed 40 cents higher at $81.95.

Telstra gained six cents to $5.34 amid speculation the telco may announce a $2 billion share buyback.

The only areas of weakness were in the property sector and among some industrials, such as Transurban, which lost 12 cents to $7.62.

KEY FACTS

  • At the close on Friday the benchmark S&P/ASX200 index was up 33.8 points, or 0.62 per cent, at 5,525.
  • The broader All Ordinaries index was up 32.3 points, or 0.59 per cent, at 5,511.8.
  • The September share price index futures contract was 29 points higher at 5,482, with 21,539 contracts traded.
  • National turnover was 2.1 billion securities worth $4.1 billion.

 


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