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Monday 21

May, 2018 5:25 AM



Share market jumps to three month high

Share market jumps to three month high

The Australian share market has hit its highest level since early February after a session in which almost all sectors posted gains.

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By AAP 03.05.2018 05:14 PM

A fifth straight day of gains, fuelled by miners, retailers and IT stocks, has taken the share market to a three month high.

The benchmark S&P/ASX200 rose 0.8 per cent to 6,098.3 points, while the broader All Ordinaries index gained 0.8 per cent to 6,187 points.

Phillip Capital Senior client adviser Michael Heffernan said positive investor sentiment is driving the market's recent run, in which the S&P/ASX200 index has risen by 3.2 per cent.

"The banks are doing strongly despite National Australia Bank falling on its results, and there's a lot of strength coming from the miners," he said.

"This positive sentiment is flowing through the market with the property trusts the only sector that's not higher."

NAB dropped 0.6 per cent to $29.39 after reporting a 16 per cent fall in first-half profit and announcing the spin-off its its financial advice and superannuation businesses.

Westpac gained 0.8 per cent to $29.37, ANZ added 0.7 per cent to $27.71 and Commonwealth Bank was 0.6 per cent higher at $73.91.

AMP dropped 0.7 per cent to $4.12 after Standard & Poor's put the wealth manager on creditwatch due to the scandals exposed at the financial services royal commission.

Among the miners, Rio Tinto rose 1.7 per cent to $81.37, Fortescue Metals added 1.1 per cent to $4.81 and BHP Billiton was one per cent stronger at $31.52.

Super Retail Group, the owner of Rebel and Supercheap Auto, gained 8.6 per cent to $7.57 after it said sales continue to grow at the two retailers.

Harvey Norman added two per cent to $3.50, JB Hi-Fi lifted 1.6 per cent to $23.65, Woolworths rose 2.2 per cent to $28.60 and Wesfarmers was 0.4 per cent higher at $43.82.

In the IT sector, online real estate business REA Group gained 2.9 per cent to $83.88 and Carsales.com was up 2.5 per cent at $14.91.

ON THE ASX:

* The benchmark S&P/ASX200 was up 48.1 points, or 0.8 per cent at 6,098.3 points

* The broader All Ordinaries index was up 50.3 points, or 0.82 per cent, at 6,187 points

* The SPI200 futures contract was up 31 points, or 0.51 per cent, at 6,077 points

* National turnover was 3.5 billion securities traded worth $7.1 billion

CURRENCY SNAPSHOT AT 1700 AEST:

One Australian dollar buys:

* 75.17 US cents, from 75.11 US cents on Wednesday

* 82.44 Japanese yen, from 82.51 yen

* 62.73 euro cents, from 62.53 euro cents

* 55.29 British pence, from 55.18 pence

* 107.11 NZ cents, from 106.95 NZ cents

GOLD:

The spot price of gold in Sydney at 1700 AEST was $US1,308.10 per fine ounce, from $US1,309.60 per fine ounce on Wednesday.

BOND SNAPSHOT AT 1630 AEST:

* CGS 5.75 per cent May 2021, 2.1919pct, from 2.1879pct on Wednesday

* CGS 2.25pct May 2028, 2.8096pct, from 2.7969pct

Sydney Futures Exchange prices:

* June 2018 10-year bond futures contract was 97.175 (implying a yield of 2.825pct), from 97.19 (2.81pct) on Wednesday

* June 2018 3-year bond futures contract was 97.765 (2.235pct), from 97.77 (2.23pct)

(*Bond market closes taken at 1630 AEST previous local session; currency closes taken from 1700 AEST previous local session)

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