The Bull

Tuesday 27

June, 2017 1:33 PM



Australian shares hold on to early gains

Australian shares hold on to early gains

The Australian share market has climbed after a mixed lead from Wall Street failed to inspire the opening.

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By AAP 19.06.2017 12:28 PM

Australian shares have held on to their early gains on the back of strength in the financials sector led by the big four banks.

The benchmark S&P/ASX200 was 0.49 per cent higher at 1200 AEST with gains in financial stocks outweighing weakness in the materials and consumer staples sectors.

Locally, the big four banks - Commonwealth, ANZ, Westpac and National Australia Bank - were between 0.89 per cent and 1.26 per cent higher at noon AEST with Westpac leading the way.

Energy stocks were mixed, with Woodside Petroleum down 0.15 per cent, but Santos was up 0.99 per cent and Oil Search was flat.

In the mining sector, BHP Billiton also was flat, off by 0.04 per cent, while Rio Tinto had lost 0.84 per cent and Fortescue Metals was 0.85 per cent worse off.

Newcrest Mining was up 1.08 per cent at $21.51 after the gold miner boosted its stake in London AIM-listed SolGold Plc to 14.54 per cent, following a capital raising by the company.

Baby food maker Bubs Australia surged 6.9 per cent to 15.5 cents after signing a partnership deal with leading internet technology company NetEase Kaola.com, reaching into the demanding Chinese market.

Meanwhile, the Australian dollar is still above 76 US cents with the US dollar weakening on the back of disappointing US consumer sentiment and housing data.

The local currency was trading at 76.25 US cents at 1200 AEST, from 75.85 on Friday.

ON THE ASX at 1200 AEST :

* The benchmark S&P/ASX200 index was up 28.4 points, or 0.49 per cent, at 5,802.4 .

* The broader All Ordinaries index was up 25.9 points, or 0.45 per cent, at 5,833.9 points.

* The SPI200 futures contract was up 39 points, or 0.68 per cent, at 5,753 points.

* National turnover was 8.1 billion shares worth $1.8 billion.

CURRENCY SNAPSHOT AT 1200 AEST:

CURRENCY ASK BID PREVIOUS

AUD/USD 0.7627 0.7624 0.7616

AUD/JPY 84.64 84.59 84.44

AUD/EUR 0.6812 0.6808 0.6799

AUD/NZD 1.0458 1.0452 1.0498

AUD/GBP 0.5974 0.597 0.5952

BOND SNAPSHOT AT 1200 AEST:

* CGS 4.50 per cent April 2020, 1.779pct, from 1.763pct

* CGS 4.75pct April 2027, 2.4174pct, from 2.4066pct

Sydney Futures Exchange prices:

* August 2017 10-year bond futures contract at 97.54 (implying a yield of 2.46pct), from 97.6375 (2.3625pct) on Friday

* August 2017 3-year bond futures contract at 98.17 (1.83pct), from 98.28 (1.72pct).

(*Currency close taken at 1700 AEST previous local session)

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