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Australia Market gains 0.18%

Capital Market 

The Australian equity market closed higher on Friday, 14 June 2019, taking its cue from Wall Street in overnight trading, overnight on hopes the will ease monetary policy soon. Market gains were, however, limited on renewed geopolitical tension concerns between US-following two being attacked near the in the Gulf of the previous day. At closing bell, the benchmark S&P/ASX200 index inclined 11.60 points, or 0.18%, at 6,554 points, while the broader added 14.54 points, or 0.22%, at 6,633.64. For the week, the Index rose 1.7%, while the broader advanced 1.7%.

The Fed's June 18-19 meeting will give investors an opportunity to see if the Fed's monetary policy stance is in sync with growing number of economists expect a Fed rate cut this year but the majority still expect it to stay on hold.

inclined after attacks on two in the Gulf of stoked concerns of reduced crude flows through one of the world's key shipping routes. Brent crude futures edged up 0.2% to $61.43 per barrel after rallying 2.3% the previous day. and each added as much as 2.6%.

Mining stocks benefited, with (FMG) was the standout, advancing 4.7% after China's iron ore prices rose to a new high in the previous session on demand concerns, while hopes of introducing further stimulus to shore up the economy also supported the commodity.

Diversified miners and climbed 1.9% and 3.1%, respectively.

Financial markets also remain on edge ahead of a possible meeting between U. S. and Chinese leaders at the summit in later this month, as trade tensions between the world's biggest showed no signs of letting up.

shares rose 14.1% to $4.36 after made a $3 billion takeover bid for firm, just a week after Swedish private equity firm withdrew its takeover bid. The proposal would see AGL buy shares at $4.85 each as part of a deal which would value it 27% higher than its market capitalisation.

CURRENCY NEWS: The was lower against the U. S. dollar on Friday. The changed hands at $0.6897, seeing declines for much of the week from earlier levels above $0.700. The Aussie has lost 1.4% this week, during which soft domestic labour data added to expectations of a rate cut by the

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

First Published: Fri, June 14 2019. 14:39 IST
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