The Australian Market Surges To A Solid Week Close

Australia team celebrate winning in Hockey5s Men’s Gold Medal Match at the Nanjing 2014 Summer Youth Olympic Games. Feng Li/Getty Images

The Australian market ended on a solid note, closing up for the third time this week.

“Shares are having a good rebound and are well placed to put on further gains into year-end as the cyclical bull market that started in 2011 remains alive and well,” says AMP Capital chief economist Shane Oliver.

The S&P/ASX 200 closed up 0.92% to 5,526.60, a 2.11% improvement on the week and 4.4% for the month.

The US Fed’s long anticipated ending of its quantitative easing program was a positive for the local market, as was the expectation that interests rates will remain low in America for a “considerable time”.

Also a positive was strong a US GDP number of 3.5% and good local annual results from the ANZ Bank and quarterly numbers from Macquarie.

Investors liked the Macquarie results, pushing up the share price 2.34% to $61.25. The ANZ was up 0.54% to $33.44.

Qantas shares continued their relentless march higher, ending the day up more than 2% to $1.685, about 30% higher than two weeks ago.

Harvey Norman was 1.2% firmer at $3.805 on positive quarterly sales results from the home goods retailer.

Local gold miners were marked down after the precious metal fell more than 2% to below US $1,200 an ounce.

Local investors sold off gold stocks including Newcrest Mining which closed down 4.71% to $9.30.

In the region, Hong Kong’s Hang Seng was up more than 1% and Japan’s the Nikkei was up 1.6%.

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