Australia Market gains 0.2%

The Australia stock market closed higher on Friday, 17 August 2018, on tracking firm overnight cues from the U.S. and Europe markets and on easing in US-China trade worries as the U.S. and China agreed to resume trade talks later this month. Among ASX issues, shares of financials, realty, telecommunication services, and information technology issues were notable gainers, while consumer staples, healthcare, and materials were notable losers. At closing bell, the benchmark S&P/ASX 200 Index inclined 10.94 points, or 0.17%, to 6,339.23. The broader All Ordinaries Index advanced 13.57 points, or 0.21%, to 6,426.20.

Shares of financial players closed higher, with Australian banks led gains. ANZ Banking rose 0.7% to A$30.28, National Australia Bank strengthened 0.2% to A$28.85, Commonwealth Bank lifted 0.2% to A$74.29 and Westpac added 0.5% to A$30.33. Financial data admin giant Link Group climbed 6.3% to A$8.07, after reporting an 68% jump in full-year net profit courtesy of a new acquisition and business growth.

Teleco Telstra Corporation also helped keep the benchmark buoyant, rising about 2% to a more than three-month high. Telstra was extending gains after posting a lower than expected fall in annual profits on Thursday.

Shares of energy companies were mostly higher after crude oil prices rose overnight amid hopes that a fresh round of talks between the U.S. and China later this month would help diffuse trade tensions and allay fears about drop in demand for crude oil. WTI crude for September added $0.45 or 0.7% to close at $65.46 a barrel on the New York Mercantile Exchange. Origin Energy extended losses as it dipped as much as 3.5% to a more than four-month low after underlying earnings of its energy markets business fell short of expectations.

Health care stocks were in red, with CSL dipping 0.4% in profit-taking, while Sonic Healthcare dropped 2.6%.

CURRENCY NEWS: The Australian dollar was up against greenback and other major currencies, as an easing in US-China trade worries underpinned appetite for commodity linked currencies. The Australian dollar was at 72.71 US cents late afternoon on Friday, up from 72.69 US cents on Thursday.

OFFSHORE MARKET NEWS, US stock market closed higher on Thursday, amid upbeat corporate earnings results and news of a new round of U.S.-China trade talks. The Dow Jones Industrial Average advanced 396.32 points or 1.6% to 25,558.73, the Nasdaq rose 32.41 points or 0.4% to 7,806.52 and the S&P 500 climbed 22.32 points or 0.8% to 2,840.69.

The major European markets also closed higher on Thursday. The German DAX Index climbed by 0.6%. The U.K.'s FTSE 100 Index and the French CAC 40 Index both advanced by 0.8%.

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