Australia Market gains on bargain hunting

Headline indices of the Australian share market closed higher on Monday, 29 October 2018, despite the weak cues from Wall Street on Friday, as investors chased for bottom fishing after the recent selloff, with shares of driven by financials and materials sectors being notable gainers. At closing bell, the benchmark S&P/ASX200 index advanced 63.00 points, or 1.11%, at 5,728.16 points, while the broader All Ordinaries index grew 54.14 points, or 0.94%, to 5,813.76 points.

Shares of healthcare companies were the best performers, led by nearly 6% jump in Mayne Pharma after it announced a US acquisition late last week. Resmed, which reported strong year-on-year revenue growth and CSL also rose more than 3% each.

Shares of Australian banks and financials were higher. ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank were up in a range of 0.2% to 1%.

Shares of materials and resources companies were up, spurred by higher commodity prices, with mining giants BHP Billiton, Rio Tinto and Fortescue all rising between 1-2%.

Energy stocks were mostly higher after crude oil prices rose on Friday. Woodside Petroleum was rising more than 1% and Oil Search was up 0.2%, while Santos was down 0.3%.

CURRENCY: Australian Dollar was modest higher against greenback and other major currencies on Monday. The Australian dollar was quoted at $0.7100, up from $0.7025 on Friday.

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