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Tuesday 20

November, 201811:14 AM



Aust shares end higher amid volatile trade

Aust shares end higher amid volatile trade

Healthcare and consumer stocks have helped the ASX recover ground and close firmly in positive territory.

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By AAP 30.10.2018 04:35 PM

The Australian share market has ended more than one per cent higher amid volatile trade that saw shares decline early on fears of escalating trade tensions between the US and China before recovering.

The benchmark S&P/ASX200 index closed up 76.9 points, or 1.34 per cent, at 5805.1 points on Tuesday, rising for the second straight session. The broader All Ordinaries gained 1.3 per cent.

The market turned red at the start following a media report that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month fail.

"Investors were spooked early in our session on renewed concerns on US China trade but these seemed to have passed over," CommSec market analyst James Tao said.

Markets across Asia steadied after policy makers in China announced further steps to restore confidence in local markets.

"October has been a difficult month and its a long wat to reversing the losses, but there is a bit more optimism coming back into the market," Mr Tao said.

In the local market, healthcare stocks led the recovery for a second straight session, with Mayne Pharma, Ansell and CSL all gaining more than two per cent each.

Consumer staples supplemented the gains, with A2 Milk jumping more than five per cent and supermarket giants Woolworths and Coles-owner Wesfarmers both ending more than one per cent higher.

Mining stocks staged a smart recovery with BHP, Rio Tinto and Fortescue up between 2 to 4 per cent. However, gold miners, considered safe haven assets, lost ground with Evolution and North Star down more than three per cent each.

Beaten down banking stocks continued their recovery ahead of their "earnings season" which kicks of with ANZ on Wednesday. Three of the four major banks rose around two per cent each, with NAB rising 0.6 per cent to $25.11.

Among other stocks, jewellery retailer Lovisa suffered a nearly 19 per cent slide to $6.85 after announcing same-store sales growth had been negative so far in the current financial year.

Meanwhile, the Australian dollar pared losses as investors picked up risky assets despite simmering global trade tensions. It trading at 70.93 US cents at 1630 AEDT on Tuesday, from 70.99 on Monday.

ON THE ASX:

* The S&P/ASX200 closed up 76.9 points, or 1.34 per cent, at 5805.1 points

* The All Ordinaries closed up 74.1 points, or 1.27 per cent, at 5887.9 points

* At 1630 AEDT, the SPI200 futures index was up 67 points, or 1.2 per cent, at 5756.6 points.

CURRENCY SNAPSHOT AT 1630 AEDT:

One Australian dollar buys:

* 70.93 US cents, from 70.99 US cents on Monday

* 79.93 Japanese yen, from 79.47

* 62.34 euro cents, from 62.31

* 55.38 British pence, from 55.32

* 108.26 NZ cents, from 108.48

GOLD:

The spot price of gold in Sydney at 1630 AEDT was $US 1231.20 per fine ounce, from $US1235.80 on Monday.

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