Bulls fight back: Aus shares close 1.06% higher

Market Reports

by Carolyn Herbert

The Australian share market has finished the trading week on a high note, continuing on with yesterday’s rally and closing 1.06 per cent higher. All sectors closed in the black today but the telcos and healthcare spaces were the star performers with the likes of CSL and Ramsay Health Care gaining about 1.5 per cent. It was a tougher day at work for the materials space despite solid gains in the big miners BHP and Rio Tinto. Gold stocks fared the worst as investors took some profits after yesterday’s bounce in the price of the precious metal.

Today, the S&P/ASX 200 index closed 57 points up to finish at 5,431. Over the week the index gained 135 points.

The value of trades was $6.5 billion on volume of 964 million shares at the close of trade. The top three stocks by value were Charter Hall Group (ASX:CHC), Commonwealth Bank of Australia (ASX:CBA) and ANZ Banking Group (ASX:ANZ).

On the futures market the SPI is 66 points up.

US markets

Looking at Wall Street, US major indexes have risen over the four trading days this week: The Dow Jones Industrial Average has added 1.5 per cent. The S&P 500 Index has gained 1.75 per cent. The NASDAQ has added 1.8 per cent. The 100 Index has added 1.5 per cent.

Company news

Fortescue Metals Group (ASX:FMG) has announced the resignation of Stephen Pearce as Chief Financial Officer of the company. Mr Pearce’s role will conclude at the end of December, upon which he will take up a new role overseas. Greg Lilleyman has been appointed as the new Director of Operations. Shares in Fortescue Metals Group closed 3.88 per cent lower at $4.96.

Megaport Limited (ASX:MP1) has announced it has partnered with global data centre provider Digital Realty.

Alexium International Group Limited (ASX:AJX) has announced it has received four new purchase orders for its flame retardant and Alexicool™ textile solutions

Best and worst performers

The best performing sector was Telcos adding 2 per cent to close at 1,874. The sector with the least gains was Materals, adding 0.2 per cent to close at 8,915 points.

The best performing stock in the S&P/ASX 200 was Iluka Resources, rising 6.93 per cent to close at $6.48. Shares in Eclipx Group and Japara Healthcare also closed higher.

The worst performing stock was Whitehaven Coal, dropping 9.09 per cent to close at $2.40. Shares in Charter Hall and Galaxy Resources also closed lower.

Commodities and the dollar

The price of gold is trading at $US1,336 an ounce, and is up $29.97 over the week.
Light crude is $0.98 higher at $US46.32 a barrel.
The Australian dollar is buying $0.7648 and is up 1.6 cents over the week.


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