Australia Stocks extend gains for second day

The Australian share market advanced for second straight session on Friday, 15 November 2019, on the back of a weaker Aussie dollar, lower bond yields and spike in iron ore prices. However, market gains capped amid concerns over a perceived lack of progress in trade talks between the United States and China. Every sector on the benchmark index advanced, lead by tech, consumer, healthcare, real estate and mining stocks. At closing bell, the benchmark S&P/ASX200 index advanced 58.67 points, or 0.87%, to 6,793.72, while the broader All Ordinaries added 58.16 points, or 0.85%, to 6,898.93. Over the week, the benchmark index rose 1%

Materials posted strong gains, helped in part by strength in the iron ore miners after spot prices jumped 3% overnight. Fortescue Metals led the gains, jumping 3.8% to $9.06.

Conglomerate, Wesfarmers (WES) closed 2% higher after holding its AGM in Perth yesterday and announcing improving sales growth across its Bunnings and Kmart brands but Target continues to experience soft sales.

Graincorp (GNC) shares closed 11.5% higher after receiving approval from the ACCC to sell its Australian bulk liquid terminals to ANZ Terminals for A$350 million, a sale first flagged in March this year.

Childcare provider G8 Education shares were tumbled 6.6% after the company issued a second profit warning in three months along with asset sales on Thursday.

CURRENCY NEWS: The Australian dollar, sensitive to shifts in broader risk appetite, skidded t against greenback. The Australian dollar changed hands at $0.6796 after declining from levels above $0.68 yesterday.

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