The Australian clawed back the week’s losses in Friday trade on the back of a stronger outlook on Wall Street and a rally in bank stocks.
Here’s the scoreboard:
- S&P ASX 200: 5,597.00 +72.11 +1.31%
- All Ordinaries: 5,591.50 +68.84 +1.25%
- AUD/USD: 0.7768 -0.0030 -0.39%
On Wall St, the S&P 500 closed 1% higher with investors encouraged that the Fed will take its time in raising rates.
On the local market, all ten sectors were stronger, led by the banks and the big miners.
The week ended 0.9% higher after a rollercoaster week of trading sessions including a 1.26% drop on Thursday, the biggest fall for two weeks.
Today, the NAB was up 1.6% to $33.66 and the Commonwealth Bank 1.53% to $84.47. Macquarie gained 2.17% to $81.33.
BHP added 1.57% to $28.41 and Rio Tinto 1.09% to $55.55. Among energy stocks, Oil Search was up 2.04% to $7.51.
Woolworths found support, gaining 2.63% to $27.30, after getting crushed earlier this week for announcing a downgrade in earnings forecasts for the second time and the departure of its CEO.
The top stories Friday:
1. Real estate portals. iProperty increased its guidance for earnings and sales and its shares jumped almost 10% to $2.49.
2. The number of Australian millionaires grew by 4% in 2014 – and housing is driving the rise, according to the latest World Wealth Report.
3. International investors now misunderstand Australia because of the mining boom, says Tim Sims, managing director of Pacific Equity Partners.
4. Supabarn, a Canberra based independent supermarket chain, is selling some of its stores to big player Coles, the Wesfarmers business. Wesfarmers closed steady at $40.20.