The Australian share market has closed higher as bargain-hunting investors ignored a mixed lead from US markets and lifted most stocks across the board.
The benchmark S&P/ASX200 index finished up 0.7 per cent at 5,726.6 points on Tuesday, led by banking, mining, energy and healthcare stocks.
Phillip Capital senior client advisor Michael Heffernan said the Australian market had bounced back from losses on Monday and last Friday as investors saw value in the big banks and stocks with a strong US presence, such as CSL and Cochlear.
“It’s been a good day – when I look at the top 20, it’s just a sea of green except for Telstra, Westfield, Brambles and Scentre Group which are only slightly down,” Mr Heffernan said.
“It’s a healthy feeling across the market.”
Mr Heffernan said investors are awaiting Australian inflation data on Wednesday and the outcome of this week’s Federal Reserve meeting in the US.
The big four banks all gained ground, with Commonwealth Bank leading the way with a 0.8 per cent gain to $84.28, while the big iron ore miners – BHP Billiton, Rio Tinto and Fortescue – all posted solid gains.
Oil and gas producer Woodside Petroleum firmed 0.2 per cent, and Santos improved 0.9 per cent but falls for Oil Search and Origin pushed the energy sector 0.3 per cent lower.
In company news, online electronics retailer Kogan.com jumped 12 cents, or 5.9 per cent, to a record $2.17 after the company released an upbeat fourth quarter trading update.
Sports, auto and camping goods retailer Super Retail Group climbed 19 cents, or 2.3 per cent, to $8.61 after the company announced it will convert its network of Amart Sports shops into Rebel stores as part of streamlining its sports division under a single brand.
And Beverages supplier Coca-Cola Amatil slumped 33 cents, or 3.9 per cent, to $8.23 on news that supermarket giant Woolworths will cut back on the range of CCA’s Mount Franklin water products on its shelves.
Meanwhile the Australian dollar was trading at 79.41 US cents at 1630 AEST, up slightly from 79.27 US cents on Monday but in a holding pattern ahead of the release of local inflation data on Wednesday.
ON THE ASX:
* At 1630 AEST, the benchmark S&P/ASX200 was up 38.5 points, or 0.68 per cent, at 5,726.6 points.
* The broader All Ordinaries index was up 37.3 points, or 0.65 per cent, at 5,775.3 points.
* The September SPI200 futures contract was up 37 points, or 0.66 per cent, at 5,662 points.
* National turnover was 2.1 billion securities traded worth $4.9 billion.
CURRENCY SNAPSHOT AT 1700 AEST
CURRENCY ASK BID PREVIOUS
AUD/USD 0.7943 0.7938 0.7922
AUD/JPY 88.11 88.02 88.01
AUD/EUR 0.6812 0.6807 0.6802
AUD/NZD 1.0679 1.0665 1.0648
AUD/GBP 0.6096 0.6092 0.6079
GOLD:
The spot price of gold in Sydney at 1700 AEST was $US1,256.83 per fine ounce, from $US1,252.21 per fine ounce on Monday.
BOND SNAPSHOT AT 1630 AEST:
* CGS 4.50 per cent April 2020, 1.9053pct, from 1.8955pct
* CGS 4.75pct April 2027, 2.6393pct, from 2.6278pct
Sydney Futures Exchange prices:
* August 2017 10-year bond futures contract at 97.31 (implying a yield of 2.69pct), from 97.32 (2.68pct) on Monday
* August 2017 3-year bond futures contract steady at 98.0 (2.0pct).
(*Bond market closes taken at 1630 AEST previous local session)
