Australia Market modestly higher

Headline indices of the Australia market were modestly higher on Wednesday, 03 October 2018, following the Dow Jones Industrial Average's record high overnight on Wall Street. Meanwhile, upbeat local economic data also boosted sentiment. Most of ASX sectors inclined, with resource-related stocks being notable gainers on higher metal and gold prices. In late afternoon trade, the benchmark S&P/ASX200 index rose 17.39 points, or 0.3%, at 6,143.60 points, while the broader All Ordinaries index added 17.08 points, or 0.3%, higher at 6,262.90 points.

Shares of materials and resources companies were up on the back of stronger base metal prices. Global miners BHP and Rio Tinto gained as much as 1.3% and 1.2%, respectively.

 

Shares of gold miners were up, as bullion prices extended gains from Tuesday's level, as risk-averse investors sought safe-haven bids. St Barbara was up nearly 8%, while Evolution Mining and Newcrest Mining added 3.8% and 2.4%, respectively.

Shares of banks and financial players were mixed, after tough interim Royal Commission report on the sector. National Australia Bank, ANZ Banking and Westpac were lower in a range of 0.2% to 0.6%, while Commonwealth Bank is adding 0.2%.

In economic news, the latest survey from the Australian Industry Group revealed that the service sector in Australia continued to expand in September, and at a faster rate, with a Performance of Service Index score of 52.5. That's up from 52.2 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

CURRENCY: Australian Dollar was up against greenback and other major currencies on Wednesday. The Australian dollar was quoted at $0.7219, compared to $0.7199 on Tuesday.

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