SYDNEY: Australian stocks rose 1.2 percent on Friday to a two-week closing high, following a pullback in oil prices from 2-1/2 year highs and renewed confidence in the U.S. economic outlook. Shares rose 0.6 percent for the week. Australia's economy depends on the commodities boom and health of Asia. As a result a pull back in oil prices augurs well for Australia and Asia, a big importer of oil.
The benchmark S&P/ASX 200 index climbed 57.86 points to 4,864.30, according to latest available data. The index eked out a meagre 3.2 point gain on Thursday, reversing three days of falls. Only 26 of the 200 stocks in the benchmark fell. "The cloud has lifted over the shoulders of risk today. A lot of the support came from expectations over strong jobs data in U.S. and now they have to deliver to ensure equity is asset of choice next week," Chris Weston, an institutional dealer at IG Markets said.
Miners were among the leading stocks with Newcrest up 4.7 percent to A$40.02, Rio Tinto gaining 1.6 percent to A$85.52 and BHP Billiton up 1.5 percent. Australia and New Zealand Banking Group saw the smallest increase among big lenders. It nudged up 0.6 percent. ANZ declined to comment on whether it would seek to raise its stake in Malaysian lender AMMB Holdings , after the Malaysian Prime Minister told Reuters that the country was open to the idea. New Zealand's largest listed company, Fletcher Building Ltd , rose 1.2 percent to a 2-1/2 year closing high of NZ$8.81 despite announcing the recent Christchurch earthquake would hit earnings. However the building products and construction firm will be a major beneficiary of the long-term rebuilding effort, with the quake estimated to have an economic impact of around $11.1 bln. . Timber firm Gunns Ltd shot up 12.1 percent after Australia extended by one week the process for final environmental approvals for its proposed pulp mill in northern Tasmania. New Zealand's benchmark NZX 50 index rose 20.8 points or 0.6 percent to 3,418.1.
The benchmark S&P/ASX 200 index climbed 57.86 points to 4,864.30, according to latest available data. The index eked out a meagre 3.2 point gain on Thursday, reversing three days of falls. Only 26 of the 200 stocks in the benchmark fell. "The cloud has lifted over the shoulders of risk today. A lot of the support came from expectations over strong jobs data in U.S. and now they have to deliver to ensure equity is asset of choice next week," Chris Weston, an institutional dealer at IG Markets said.
Miners were among the leading stocks with Newcrest up 4.7 percent to A$40.02, Rio Tinto gaining 1.6 percent to A$85.52 and BHP Billiton up 1.5 percent. Australia and New Zealand Banking Group saw the smallest increase among big lenders. It nudged up 0.6 percent. ANZ declined to comment on whether it would seek to raise its stake in Malaysian lender AMMB Holdings , after the Malaysian Prime Minister told Reuters that the country was open to the idea. New Zealand's largest listed company, Fletcher Building Ltd , rose 1.2 percent to a 2-1/2 year closing high of NZ$8.81 despite announcing the recent Christchurch earthquake would hit earnings. However the building products and construction firm will be a major beneficiary of the long-term rebuilding effort, with the quake estimated to have an economic impact of around $11.1 bln. . Timber firm Gunns Ltd shot up 12.1 percent after Australia extended by one week the process for final environmental approvals for its proposed pulp mill in northern Tasmania. New Zealand's benchmark NZX 50 index rose 20.8 points or 0.6 percent to 3,418.1.
No comments:
Post a Comment