🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australia, NZ shares up again as global rally continues

Published 13/07/2016, 01:06 pm
© Reuters.  Australia, NZ shares up again as global rally continues
AXJO
-
FMG
-
ANZ
-
RIO
-
NCM
-
NAB
-
RIO
-
TLS
-
WBC
-
WES
-
TWE
-
EVN
-

By Swati Pandey and Charlotte Greenfield

SYDNEY/WELLINGTON, July 13 (Reuters) - Australian shares rose for a fifth straight day on Wednesday, aided by banking and resources counters and by hopes of economic stimulus in some major countries.

At 0216 GMT, the S&P/ASX 200 index .AXJO was up 15.88 points, or 0.3 percent to 5,369.1, below the day's high of 5,389.3. The benchmark gained 0.3 percent on Tuesday as investors cheered the end of political roadblocks in Britain and at home.

But the Australian rally seems to be losing steam with analysts seeing strong resistance at 5,400 points. In May, the index briefly breached 5,400, but then fell back.

"It's been almost 12 months since our index spent significant time above this level and the psychological impact of this number should not be underestimated," said Gary Huxtable, client adviser at Atlantic Pacific Securities.

Analysts surveyed by Reuters in the past week predict the benchmark will touch 5,500 points by year-end, which would mean a 2016 gain of 3.9 percent after two years of dismal performance. index is up 1.4 percent so far this year.

On Wednesday, banks, resources and energy sectors helped lift the index while consumer discretionary, healthcare and telecom shares declined.

The major banks were mixed with ANZ Banking Group ANZ.AX and National Australia Bank NAB.AX up 0.8 percent each while Westpac WBC.AX was down 0.1 percent.

Major miners BHP Billion and Rio Tinto (LON:RIO) RIO.AX rose more than 2 percent. Fortescue FMG.AX jumped 5.4 percent.

Wesfarmers WES.AX , which owns Coles supermarket, was down 1.25 percent while Treasury Wines TWE.AX slipped 2.5 percent. Telecom giant Telstra TLS.AX fell 0.2 percent.

Gold miners were weak too with Newcrest Mining NCM.AX , Evolution Mining EVN.AX and Northern Star Resources tumbling between 3.5 and 6.1 percent.

For more individual stocks activity, click on STXBZ

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.08 percent or 5.54 points to 7,085.00 on Wednesday, after hitting a record of 7,088.920 the previous session.

Property companies led gains, with Investore Property IPL.NZ leading the index and up 1.86 percent. Vital Healthcare VHP.NZ rose 1.16 percent.

Online auction firm Trade Me TME.NZ was up 1.85 percent and Heartland Bank HBU.NZ rose 0.8 percent.

Dairy companies also gained with A2 Milk ATM.NZ rising 1.08 percent and shares in Fonterra's FCG.NZ fund FSF.NZ , which provides exposure to the farmer-owned dairy exporter, up 0.74 percent.

Telecommunications company Spark SPK.NZ led losses, falling 1.83 percent and Mighty River Power MRP.NZ lost 1.29 percent. (Editing by Richard Borsuk)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.