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Australia Market bounces on bottom fishing

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Headline indices of the market closed higher on Friday, 24 September 2018, as investors chased for bottom fishing following heavy losses since the beginning of this month. Meanwhile buying pressure amplified by news of a new round of talks between the and in coming days and solid Chinese economic data.

The benchmark S&P/ASX200 index closed 36.6 points, or 0.6%, higher at 6,165.3 points on Friday, while the broader index was up 36.4 points, or 0.58%, at 6,276.3 points. For the week, the benchmark S&P/ASX200 index lifted 0.35%.

Shares of materials and resources were higher, thanks to a surge in iron ore futures. Billiton was 1.6% higher at A$31.82, while was up 1.2% to A$73.15.

Shares of banks and financials were also higher, with top lender Commonwealth Bank of gaining 0.5 percent. added 0.7% to A$27.76, while NAB was up 0.2% to A$27.35.

CURRENCY: Australian Dollar firmed up against greenback and other major currencies on Friday, on the back of positive results on the share market combined with the strong August jobs report on Thursday and the easing in US-trade tension. The Aussie was buying 72.06 US cents at 1700 AEST, from 71.87 on Thursday.

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

First Published: Sat, September 15 2018. 08:29 IST