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MoneyHeavyweights lift ASX back to two-week high

05:06  07 november  2018
05:06  07 november  2018 Source:   smh.com.au

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Australian shares rallied to a two - week high on Tuesday, with heavyweight sectors lifting the market in thin trading, with traders distracted by the Melbourne Cup. The S&P/ ASX 200 Index climbed 1 per cent, or 57 points, to 5875, while the All Ordinaries index rose 0.9 per cent, or 53 points, to 5958 and

The S&P/ ASX 200 index fell 47. 2 points, or 0.8 per cent, to 6128.7, as the supermarket and financ e ial heavyweights closed lower. The Australian sharemarket has fallen to a 12 week low on the back of losses from the supermarkets and finance heavyweights .

Heavyweights lift ASX back to two-week high© AP Australian shares rallied to a two-week high. Australian shares rallied to a two-week high on Tuesday, with heavyweight sectors lifting the market in thin trading, with traders distracted by the Melbourne Cup.

The S&P/ASX 200 Index climbed 1 per cent, or 57 points, to 5875, while the All Ordinaries index rose 0.9 per cent, or 53 points, to 5958 and the Australian dollar traded 0.1 per cent higher against the US dollar at US72.16¢.

Wall Street set the stage for gains in the Australian market in early trading, after a mostly positive day of trading as commodity prices firmed.

Volumes were light in Australia as the Melbourne Cup gripped the nation but energy companies and miners helped to lift the benchmark, with Rio Tinto shares up 2.1 per cent at $81.25 and Woodside Petroleum up 1.7 per cent at $33.98.

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The S&P/ ASX 200 index fell 47. 2 points, or 0.8 per cent, to 6128.7, as the supermarket and financial heavyweights closed lower. The Australian sharemarket has fallen to a 12 week low on the back of losses from the supermarkets and finance heavyweights .

The S&P/ ASX 200 index rose 72. 2 points, or 1. 2 per cent this week , hitting its highest level since December 2007 on Thursday, before closing The major banks lifted the market this week , free from the political turmoil that had weighed them the week prior. Wesptac's announcement that it would lift

BHP Billiton shares climbed 1.3 per cent to $33.55, while South32 shares climbed 1.4 per cent to $3.69.

Traders were also eying a decision by the Reserve Bank of Australia to keep interest rates on hold at 1.5 per cent at its November meeting. Interest rates have been at ultra-low levels since August 2016.

Economists commented on a shift in growth forecasts from the Reserve Bank.

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Heavyweight finance stocks send ASX to 12 week low. Miners push ASX higher as aged care stocks fall . The Australian sharemarket has closed the week higher as the US move to impose additional tariffs against China brought an end to weeks of uncertainty.

The S&P/ ASX 200 index advanced 21.5 points, or 0.4 per cent, this week to close on Friday at 6165.3, with strong gains from the energy and technology sectors. A strong rise in oil prices this week on the back of strengthened demand and potential supply disruptions pushed energy stocks higher .

"While there were no surprises on rates, the RBA's growth expectations have surprisingly moved higher seeing GDP growth of 3.5 per cent this year and next," AMP Capital chief economist Shane Oliver commented. That forecast is around 0.25 per cent higher than its previous forecast, Mr Oliver noted.

Banks were also helping to boost the top index, with Commonwealth Bank rallying 1.4 per cent to $68.95, Australia and New Zealand shares up 1.3 per cent to $26.15, Westpac higher by 1.5 per cent to $26.92 and National Australia Bank up 1.1 per cent at $25.66.

Several firms that tend to trade as a proxy for bonds also saw gains during the session, with Transurban up 1.4 per cent at $11.29 and Sydney Airport higher by 2.4 per cent to $6.48.

Some well-known growth stocks came under selling pressure, however, with CSL down 0.3 per cent at $187.01, Aristocrat Leisure down 1 per cent at $27.17 and Macquarie Group down 0.2 per cent at $121.50.

Healthcare stocks lead broad ASX rebound

Healthcare stocks lead broad ASX rebound The Australian sharemarket rebounded from a 12-month low on Monday, with every sector closing in the black.

Energy sector lifts ASX to higher week . Australian shares have rebounded from last week 's billion fall to close the week higher despite some of Some of the smaller mining companies were among the index's best performers. Syrah Resources rose 4.9 per cent to $ 2 .36, while the strong rise in the

Despite positive trade sentiment lifting the ASX futures prior to the session, the sharemarket made heavy Following the second week of reporting season, Macquarie Wealth Management research has noted a Investors appear to be optimistic on the planned trade talks between the two nations, a

Crown Resorts was among several gambling companies dragging on the market. It lost 1.9 per cent and hit a 12-month low of $11.63 before closing at $11.67. SkyCity Entertainment fell 2.3 per cent to $3.42 and Star Entertainment declined 1.3 per cent to $4.54.

- With wires

Stockwatch

Pendal Group shares fell 0.7 per cent to trade at $8.18. Morgans cut its target price on the asset manager to $10.05 from $11 ahead of results later in the week. The broker said that value has arguably emerged in the firm's shares but it is expecting lower earnings in fiscal year 2019 "mainly due to materially lower performance fee expectations." It also flagged up the prospect of fixed cost growth for the firm as it heads into fiscal-year 2019 and the potential for net flows to be weaker than market expectations.

Movers

Gold has slipped back this week and lost another $2.46 to trade at $1229.04 an ounce on Tuesday but the precious metal remains well off its August lows. It has been a relatively quiet week so far for gold traders with thin flows in the market, according to Stephen Innes at Oanda. Most gold investors are waiting for the results of the US midterm elections for a sense of where the market is headed, the strategist said.

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The Australian sharemarket closed at a two - week high on Wednesday. Credit:Peter Braig. Base metal prices lifted across board on Tuesday in London on the back of more positive trade sentiment as China remained muted in its immediate response to the latest round of tariffs. That lifted sentiment for the

The Australian sharemarket has closed the week higher , hitting a fresh 10-year high on the back of improved market sentiment and commodity prices. The S&P/ ASX 200 index rose 14.3 points, or 0. 2 per cent, this week to 6300. 2 , beating the previous 10-year high by 14 points.

Australian dollar

The Australian dollar traded 0.1 per cent higher at US72.16¢ against the US dollar after the Reserve Bank of Australia kept interest rates on hold at 1.5 per cent. "A more confident RBA statement on growth, unemployment and inflation failed to inspire much movement in the Australian dollar," noted Westpac currency strategists. "We would not be surprised to see some further strength in the Australian dollar later once the market fully digests likely forecast changes that may be seen in Friday's statement of monetary policy."

Asia markets

Chinese shares tumbled, with the Shanghai Composite index down 1.1 per cent, bringing declines so far this year to more than 19 per cent. Technology shares were under pressure on the mainland while Apple suppliers were lower in Hong Kong on worries about demand trends for Apple's iPhone following the release of the technology giant's results. The yuan was quoted at 6.9225 per US dollar, which was a touch firmer than the previous day. The Chinese central bank set a slightly weaker midpoint for the trading band of 6.9075.

Melbourne Cup

Traders along with the rest of the country were glued to the "race that stops the nation" that started at 3pm. Cross Counter, ridden by Kerrin McEvoy, won the 158th running of the $7.3 million Melbourne Cup. Volumes were very thin before and during the race, with attention on drenched Flemington. Volumes reached 220 million, compared to 521 million on Monday. On Melbourne Cup day last year, volumes hit 462 million.

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