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MoneyMiners, banks drag ASX lower to end rally

17:21  12 january  2019
17:21  12 january  2019 Source:   msn.com

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Miners drag, but ASX ducks Brexit drama Australian shares have finished the day higher, avoiding fresh drama from Brexit machinations, though mining shares proved a drag throughout the day.

The ASX is set to open lower on the back of heavy late-week losses on Wall Street. (AAP). Despite a sluggish day from the banks , the Australian The Australian share market has closed higher after an afternoon rally led by the materials sector. The benchmark S&P/ ASX 200 index sat flat for much of

The banking sector was 1.6 per cent lower with Commonwealth Bank suffering the biggest losses among the four major banks , down 2.1 per cent to .63, while NAB ended 1.6 per cent lower at .50. Gold miners added rare lustre to the local market last week but the shine has rubbed off as

Miners, banks drag ASX lower to end rally© AAP Image/Rebecca Le May Utilities, telecom stocks and property trusts were higher while the financial sector and the miners were lower. The Australian share market hasn't been able to sustain its four-day rally despite strong retail sales figures, with banks and miners weighing on the bourse.

The benchmark S&P/ASX200 index was down 20.7 points, or 0.36 per cent, to close at 5774.6 at 1615 on Friday.

That's still a gain of 2.8 per cent for the week and 6.8 per cent since the index's Christmas Eve low.

The broader All Ordinaries was down 19.1 points, or 0.33 per cent, to close at 5834.8.

"There's not a great deal of commitment in the market," said Michael McCarthy, chief market analyst with CMC Markets. The ASX has hit a key resistance point of 5800, he said.

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The Australian share market has closed lower , dragged down by banking and health care stocks while the Australian dollar has fallen after the Reserve The benchmark S&P/ ASX 200 index was down 46.1 points, or 0.75 per cent, to 6126.2 points on Tuesday, while the broader All Ordinaries index was 46.9

Miners held up better despite softer China trade data revealing the first impacts of the US-China trade-war, with exports up 5.4 per cent, almost half The S&P- ASX 200 index slumped 129 points, or 2.27 per cent, to 5552.5, with the close below the 5600 level on a technical basis posing real risks of further

While the market has now made up all of its losses during its bleak month of December, McCarthy said it's still too soon to tell whether there's been a genuine turnaround.

"It does seem like the panic we were seeing weeks ago is continuing to recede," he said.

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The ASX ended the last session before the Christmas break on an upbeat note, with traders choosing to pick up miners and banks ahead of the holiday. The S&P/ ASX 200 index climbed 9 points, or 0.2 per cent, to 6069 while the broader All Ordinaries rose 11 points, or 0.2 per cent, to 6167 and the

Hopes for a year- end rally were dashed after the Australian sharemarket extended its losses as US-China trade-war risks escalated, and tumbling global bond yields and a resurgent US dollar signalled global slowdown risks, There was no overnight lead from Wall Street, but the S&P- ASX 200 index fell

Utilities, telecom stocks and property trusts were higher while the financial sector and the miners were lower.

The Australian dollar spiked above 72 US cents on the release of better-than-expected November retail trade data, trading at 72.16 cents at 1615.

Australians spent $26.12 billion on retail sales in November, according to the Australian Bureau of Statistics data. The 0.4 per cent rise beat market expectations.

The news sent most retailers higher - Adairs gained 5.97 per cent, to $1.775; Lovisa Holdings was up 4.01 per cent, to $6.75; Accent Group gained 4.18 per cent, to $1.245; and JB Hi-Fi moved 2.57 per cent higher, to $21.58.

But Premier Investments, which owns speciality retailers such as children's stationery brand Smiggle, sleepwear designer brand Peter Alexander and Just Jeans, lost 1.55 per cent, to $13.98.

The company is trading near its 10-month lows, weighed by news that US retailer Macy's had sluggish sales in November and December, McCarthy said.

Buoyant miners and energy stocks lift ASX

Buoyant miners and energy stocks lift ASX Mining and energy stocks helped the ASX hit a new nine-week high after several encouraging earnings reports, while the financial and retail sectors also rose. Commodity-based stocks have helped the ASX hit a new nine-week high, following the release of several encouraging earnings reports, while online retailer Kogan.com surged on strong Christmas trade. The benchmark S&P/ASX200 index was up 14.9 points, or 0.26 per cent, to 5,850.1 at 1615 AEDT on Thursday, while the broader All Ordinaries was 16.1 points, or 0.27 per cent, higher at 5,909.8. The Aussie dollar has dropped, however, buying 71.52 US cents from 71.

The S&P/ ASX 200 index closed 1.6 percent, or 91.55 points, lower to end the session at 5,665.70. The drop in Chinese steel futures on Tuesday after a four-day rise weighed on iron ore which dragged metals and mining stocks to their lowest in more than a month and a half. Miners BHP Billiton Ltd

Weaker commodity and financial stocks dragged the Footsie lower this afternoon as investors took Miners weighed the most on the index, with Anglo American dipping 2.8%, Antofagasta down 2.65 Please make an end of year contribution today to help us deliver the independent journalism the world

On the New York Stock Exchange, Macy's shares plunged 17.66 per cent, its worst loss in company history.

Treasury Wine Estates jumped 4.25 per cent higher, reversing most of Thursday's losses, after the Melbourne winemaker said its first-half earnings would beat consensus estimates.

It closed at $14.85, up 60.5 cents, up 5.9 per cent for the week.

Costa Group traded up 13 cents, or 2.88 per cent, to $4.64 after a crash on Thursday put Australia's largest fruit and vegetable grower on the radar screen of bargain hunters.

On Thursday Costa shares plummeted 38.81 per cent - from $7.37 to $4.51 - after the company cut its half-year forecast following weaker demand for produce.

Among the miners, BHP was down 1.06 per cent to $32.79 and Rio Tinto slipped 0.6 per cent to $79.65. South32 dropped 0.87 per cent to $3.40.

Fortescue Metals was up, gaining 0.22 per cent to $4.58, but the gold miners weighed heavily as precious metal prices sagged against a stronger US dollar.

Northern Star dropped 2.4 per cent to $9.36 and Evolution was 2.34 per cent lower at $3.75.

It was a better day for telecom stocks, with Telstra gaining 1.38 per cent to $2.93 and Vocus Group up 0.94 per cent to $3.22.

The big banks were all lower, led by Commonwealth, which traded down 1.09 per cent to $71.66.

Qantas was down 2.64 per cent to $5.91.

ON THE ASX:

* The benchmark S&P/ASX200 index was down 20.7 points, or 0.36 per cent, to 5774.6

* The All Ordinaries was down 19.1 points, or 0.33 per cent, to 5834.8.

* At 1630 AEDT, the SPI200 futures index was up three points, or 0.05 per cent, at 5731.0

CURRENCY SNAPSHOT AT 1615 AEDT:

One Australian dollar buys:

* 72.16 US cents, from 71.87 on Thursday

* 78.17 Japanese yen, from 77.93

* 62.60 euro cents, from 62.50

* 56.53 British pence, from 56.36

* 1.0577 NZ cents, from 1.0599

GOLD:

The spot price of gold in Sydney at 1615 AEDT was $US1292.62 per fine ounce, from $US1,286.40 on Thursday.

- AAP

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