Arab Today, arab today aussie shares take second straight gain
Last Updated : GMT 17:46:52
Arab Today, arab today
Arab Today, arab today

Aussie shares take second straight gain

Arab Today, arab today

Arab Today, arab today Aussie shares take second straight gain

Aussie shares take second straight gain
Sydney - XINHUA

Aussie shares on Friday closed higher for the second straight day for the first time in 2016 as speculation on monetary easing by central banks is providing a boost for all Asian markets.

At the close, the benchmark S&P/ASX200 index was 52.0 points, or 1.07 percent, higher at 4,916, while the broader All Ordinaries index was up 52.0 points, or 1.06 per cent, at 4,969.6.

Strong offshore leads and the bounce in oil and base commodities overnight buoyed local investors on Friday after the European Central Bank indicated potential monetary stimulus, while chatter of a rate cut in Japan supported the rally.

However, sentiment "shifts on a five-cent piece at the moment," local analysts have said, warning the market may not have seen the bottom.

"Major turning points in equity market turnarounds have always occurred in conjunction with a stabilisation in commodity prices, and have often been led by copper prices in particular," IG market analyst Angus Nicholson said.

"We have not yet seen the end to the commodities slide."

A welcome relief for traders on Friday, gains were most prominent in Australia's resources and energy stocks that had been battered over the past weeks.

BHP Billiton bounced 7.46 percent, rival Rio Tinto was 3.36 percent stronger. However, gold miner Newcrest lost 1.52 percent.

Oil Search rallied 8.51 percent, Santos surged 10.94 percent after flagging writedowns and capital expenditure cuts, and Woodside was 1.80 percent stronger.

ANZ added 1.04 percent, the National Australia Bank was up 0.37 percent, Westpac lifted 0.13 percent. However, the Commonwealth Bank of Australia slipped 0.33 percent.

Wesfarmers gained 1.51 percent while Woolworths was marginally higher, up 0.04 percent.

Qantas edged 1.02 percent higher and Telstra rose 0.36 percent.

Australia's benchmark rose 0.5 percent for the week, though was down 7.2 percent so far in 2016.

 

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