The Australian share market has closed in positive territory for a third consecutive session with strength in financial and energy companies offsetting weakness from the miners.
The benchmark S&P/ASX200 closed 0.30 per cent higher on Monday, extending on Friday and Thursday’s gains.
Phillip Capital client adviser Matthew Litchfield said trading volumes were light ahead of the shorter trading week with the share market to close on Tuesday for Anzac Day.
“There are a number of events happening offshore; the French election, whether Donald Trump will reveal more of his tax reforms and geopolitical tensions between countries like the US and North Korea,” Mr Litchfield said.
“Tuesday is another day for events to play out (while the market is closed) and that’s why people are waiting and seeing and volumes are thin.”
Leading the gains were the financials followed by the energy and consumer discretionary sectors, while the mining-related materials sector led losses despite rises in iron ore prices overnight.
Commonwealth Bank rose 0.69 per cent to $86.23, ANZ lifted 0.53 per cent to $31.98, National Australia Bank climbed 0.91 per cent to $33.37 and Westpac gained 0.76 per cent to $34.61.
As for the major energy players, Woodside Petroleum was up 0.84 per cent at $32.38 and Santos rose 0.83 per cent to $3.63, despite oil prices falling more than one per cent.
Mining stocks bucked the positive trend with BHP Billiton, Rio Tinto and Fortescue Metals all lower, even though price of iron ore turned back up toward the $US70 mark.
BHP fell 0.42 per cent, Rio Tinto slipped 0.70 per cent and Fortescue dropped 2.57 per cent.
Theme park operator Village Roadshow tumbled more than six per cent to $3.75 after releasing a disappointing trading update that flagged weak park visitor numbers and an expected hit to its full-year earnings.
Meanwhile, the Australian dollar is slightly higher against the US dollar, trading at 75.63 US cents at 1700 on Monday compared to 75.36 US cents on Friday
ON THE ASX AT 1615 AEST:
* The benchmark S&P/ASX200 was up 17.7 points, or 0.30 per cent, at 5,871.8 points.
* The broader All Ordinaries index was up 15.1 points, or 0.26 per cent, at 5,900.7 points.
* The June SPI 200 futures contract was 21 points, or 0.36 per cent, at 5,859 points.
* National turnover was 1.55 billion securities traded worth $3.5 billion.
CURRENCY SNAPSHOT AT 1700 AEST:
One Australian dollar buys:
* 75.63 US cents, from 75.36 US cents on Friday
* 83.32 Japanese yen, from 82.37 yen
* 69.74 euro cents, from 70.25 euro cents
* 59.16 British pence, from 58.80 pence
* 107.58 New Zealand cents, from 107.43 NZ cents
BOND SNAPSHOT AT 1630 AEST:
* CGS 5.25 per cent March 2019, 1.668pct from 1.657pct on Friday
* CGS 4.25pct April 2026, 2.535pct, from 2.482pct
Sydney Futures Exchange prices:
* June 2017 10-year bond futures contract at 97.375 (implying a yield of 2.625pct), down from 97.430 (2.570pct) on Friday
* June 2017 3-year bond futures contract at 98.160 (1.840pct), down fractionally from 98.180 (1.820pct).
(*Currency closes taken at 1700 AEST previous local session, bond market closes taken at 1630 AEST previous local session)
