The Bull

Saturday 17

November, 2018 1:04 AM



Aust shrs lift on miners, healthcare rally

Aust shrs lift on miners, healthcare rally

Healthcare and mining stocks have helped lift the ASX despite overseas weakness.

Share |

By AAP 29.10.2018 04:55 PM

A rally from the healthcare and materials sectors has pushed the Australian share market to a higher close despite weakness in overseas markets.

The benchmark S&P/ASX200 index ended up 63 points, or 1.1 per cent, at 5728.2 points on Monday, while the broader All Ordinaries was up 0.94 per cent.

"It was a broad-based rally and flows from the major weakness we had last week. We were probably overdone," said Evan Lucas, chief market strategist at Investsmart.

"Clearly, banks earning season has also put a bit of a floor under the financial stocks," he added.

Healthcare stocks were the best performers, led by nearly six per cent jump in Mayne Pharma after it announced a US acquisition late last week. Resmed, which reported strong year-on-year revenue growth and CSL also rose more than three per cent each.

Mining stocks were in the green following a rise in iron ore prices, with mining giants BHP, Rio Tinto and Fortescue all rising between 1-2 per cent.

Energy stocks were led by a two per cent increase in Woodside Petroleum and a one per cent gain in both Caltex and Origin Energy as oil prices trended higher.

Each of the four major banks ended more than one per cent higher, with CBA the best performer, rising by 1.3 per cent to $66.64.

ANZ is set to kick off a "tough" reporting season for the big banks, with UBS analysts tipping a 10 per cent dip in cash profit when it reports annual results on Wednesday. NAB and Westpac report their annual results over the subsequent five days.

Meanwhile, the Australian dollar recovered slightly from a two-and-a-half year low that had followed weak economic data from China, trading at 70.99 US cents at 1630 AEDT, from 70.25 on Friday.

ON THE ASX:

* The S&P/ASX200 closed up 63 points, or 1.1 per cent, at 5728.2 points

* The All Ordinaries closed up 54.2 points at 5813.8 points

* At 1630 AEDT, the SPI200 futures index was up 43 points, or 0.76 per cent, at 5704 points.

CURRENCY SNAPSHOT AT 1630 AEDT:

One Australian dollar buys:

* 70.99 US cents, from 70.25 US cents on Friday

* 79.47 Japanese yen, from 78.76

* 62.31 euro cents, from 61.83

* 55.32 British pence, from 54.83

* 108.48 NZ cents, from 108.64

GOLD:

The spot price of gold in Sydney at 1630 AEDT was $US 1235.8 per fine ounce, from $US1231.61on Friday.

Archive
Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright TheBull.com.au. All rights reserved.