The share market has clawed back some of the ground lost in Thursday’s heavy fall as bargain hunters moved in.
The market’s final session of the week delivered a gain of almost 0.7 per cent, a surprising move given US and European markets fell overnight as the geopolitical crisis in Yemen escalated, OptionsXpress market analyst Ben Le Brun said.
Oil prices also rose sharply as a Saudi-led coalition bombed Houthi Shi’ite rebels in support of Yemen’s embattled president.
“It’s a day of strength and something the market probably wasn’t anticipating at the beginning of the day given the geopolitical concerns going on with Saudi Arabia and Yemen,” Mr Le Brun said.
“It probably just tells us that the selling we saw yesterday – 1.6 per cent to the downside – might have been a little bit overdone, and so the bargain hunters have swooped once again.”
The telco, consumer staples and utilities sectors led the charge.
Energy stocks spiked in early trade on the higher oil price, but then gave away their gains later in the trading session.
Telstra gained eight cents to $6.38, while in consumer stocks, Woolworths added 68 cents to $29.62 and Cols owner Wesfarmers lifted 66 cents to $44.07.
Oil and gas producer Woodside Petroleum fell 23 cents to $35.04 and Oil Search dropped 14 cents cents to $7.54.
Elsewhere in the resources sector, BHP Billiton edged three cents lower to $30.75, Rio Tinto gained five cents to $56.55 and Fortescue Metals dropped 12 cents to $2.00.
Among the major banks, National Australia Bank ascended 18 cents to $38.83, Westpac lifted 25 cents to $39.20, Commonwealth Bank gained 50 cents to $94.34, and ANZ improved 40 cents to $36.80.
KEY FACTS
* The benchmark S&P/ASX200 index added 40.8 points, or 0.69 per cent, to 5,919.9 points.
* The broader All Ordinaries index gained 39.2 points, or 0.67 per cent, to 5,888.9 points.
* The June share price index futures contract was up 32 points at 5,917 points, with 23,684 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,203.00 per fine ounce, up $US1.89 from $US1,201.11 on Thursday.
* National turnover was 1.8 billion securities worth $7.5 billion.
