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Australia Market recoups ground

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Headline indices of the market were higher after recouping early losses on Friday, 12 October 2018, as investors chased for bottom fishing in beaten down shares. However, market gains were limited as investor sentiments remained low amid lingering anxiety over the Sino-U. S. trade war and rising U. S. interest rates. Most of sectors were in the red, with being one of the weakest performers after a sharp fall in overnight, meanwhile banks were under pressure on concerns over the fallout of a powerful inquiry into wrongdoings in the sector. Around late afternoon trade, the benchmark S&P/ASX200 index rose 17.94 points, or 0.3%, at 5,901.70 points, while the broader index added 17.12 points, or 0.3%, to 6,010.60 points.

Shares of banks and financial players continued to weigh on the broader market on concerns over the fallout of a powerful inquiry into wrongdoings in the sector, with Westpac Banking Corp, ANZ Banking, Commonwealth of and were lower in a range of 0.5% to 2%. The move in ANZ's stock came following an announcement by its that the had fired over 200 staff for wrongdoing.

Shares of sector also added to the bearish sentiment, after Brent crude futures fell 3.4% on Thursday.

Woodside Petroleum, the country's largest independent oil and gas producer, lost 1.7%, while dipped 1.6%.

Shares of materials companies rebounded, with BHP, and gained in a range of 2% to 4%, as iron ore and copper prices edged up overnight. Gold miners and gained more than 3% each after gold prices settled at a ten-week high as investors flocked to the safe-haven asset.

CURRENCY: Australian Dollar was higher against greenback and other major currencies on Friday. The Australian dollar was quoted at $0.7125, up from $0.7070 on Thursday.

OFFSHORE MARKET NEWS, US tumbled for a second straight day on Thursday, rattled by rising interest rates, signs of a slowdown in the global and the US-trade dispute. The slumped 2.1% to 25,052.83, down 2.1% or 545 points. The broad-based also dropped 2.1% to 2,728.26, while the tech-rich Index fell 1.3% to 7,329.06.

European shares hit their lowest in more than 21 months on Thursday following a slide on Wall Street as jitters over rising yields and signs of slowing global growth prompted broad selling of risky assets. The German DAX Index slumped by 1.5%. The French Index and the U. K.'s Index both fell by 1.9%.

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

First Published: Fri, October 12 2018. 09:42 IST