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Australia Market advances as mining stocks rally

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Headline indices of the stock market inclined for third consecutive session on Monday, 09 July 2018, on tracking positive lead from Wall Street Friday after the release of upbeat jobs data that helped to offset worries about U. S.-trade tensions. Investors continued to keep an eye on trade after the U. S. and exchanged tariffs last week. Among ASX issues, shares in financials, realty, and material issues being notable gainers, however, losses in energy, industrials, healthcare, and utilities kept the gains in check. The Index advanced 13.41 points, or 0.21% to 6,285.70. The broader Index was up 12.33 points or 0.19% to 6,368.

Shares of materials and resources were key contributor to the gains, thanks to strong rebound in copper on Billiton (BHP), (RIO) and (FMG) were up by as much as 2%.

Financials also advanced, lending support to the rally on the main index. The big four banks were all in positive territory, with and National Bank leading the way, rising as much as 1%.

Real estate stocks, traditionally seen as bond proxies, also accumulated gains, with property managers such as climbing as much as 2% to a more than six-month high, while traded higher after a fall in US treasury yields.

Shares of gold miners were weak after gold prices edged lower Friday. i and were losing in a range of 0.2% to 0.5%.

CURRENCY NEWS: The Australian dollar gained ground against greenback on Monday.

The local currency was quoted at US$0.7434, up from US$0.7409 on Friday.

OFFSHORE MARKET: U. S. stocks closed higher on Friday as relatively upbeat jobs report offset worries about trade tensions between the U. S. and The Dow Jones Industrial Average gained 99.74 points or 0.41% to 24,456.48, the rose 23.21 points or 0.85% to 2,759.82 and the Index added 101.96 points, or 1.34%, to 7,688.39.

The European markets ended with modest gains on Friday after staging a late recovery. The DAX of climbed 0.26% and the CAC of rose 0.18%. The of the U. K. gained 0.19%.

COMMODITIES: Crude mixed on Friday. The continued supply outage at Canada's supported US crude prices. But increased by 458,000 barrels per day in June according to OPEC, pushing the price lower. fell by US28 cents or 0.4% to US$77.11 a barrel, but the US rose by US86 cents or 1.2% to US$73.80 a barrel. For the week, the lost 0.5% and Brent fell by 2.9%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 10:39 IST
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