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

Australia, NZ shares firm on trade talk hopes

Published 29/03/2019, 05:31 pm
© Reuters.  Australia, NZ shares firm on trade talk hopes
AUD/USD
-
AXJO
-
BHP
-
CSL
-
FMG
-
ANZ
-
RIO
-
COH
-
RIO
-
WBC
-
AXGD
-
NZ50
-
MIAPJ0000PUS
-

* Australia clocks best quarter in almost 10 yrs

* BHP, Rio boost benchmark

* NZ's best quarter since Q4 2015 (Updates to close)

March 29 (Reuters) - Australian shares closed marginally higher on Friday, led by the mining and healthcare sectors, while the benchmark posted its best quarterly gain since September 2009, bolstered by prospects of a breakthrough in U.S.-China trade talks.

The S&P/ASX 200 index .AXJO rose 0.1 percent to finish the week at a high of 6,180.7, in its fourth straight day of gains. The benchmark, which has risen 9.5 percent this quarter, ended 0.7 percent higher on Thursday.

Markets were upbeat as U.S. and Chinese officials conduct talks aimed at resolving the trade dispute between the world's two largest economies, with U.S. Treasury Secretary Steven Mnuchin on Friday saying he had a "productive working dinner" the previous night in Beijing. may take a while but traders see signs a meaningful trade deal is coming," Greg McKenna, strategist and founder of McKenna Macro said in a client note.

Australian mining stocks, which are highly exposed to Chinese markets, boosted the benchmark, with industry heavyweight BHP Ltd BHP.AX rising more than 1 percent to its highest in nearly eight years, while Rio Tinto (LON:RIO) RIO.AX advanced 1.8 percent to a peak of over 10 years.

Shares of Fortescue Metals FMG.AX gained about 3 percent to touch their highest since Feb 2017.

Healthcare stocks also added momentum, with major players CSL Ltd CSL.AX rising about a percent and Cochlear Ltd COH.AX propping up 0.5 percent.

China, Australia's top trading partner, is the world's second-largest healthcare market.

U.S. officials say China has made proposals on a range of issues that go further than it has before, including forced technology transfers and intellectual property security. expectations around trade talks helped Asian shares rise on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gaining 0.5 percent, led by a surge in Chinese equities.

However, broader gains were capped by gold stocks .AXGD , which dropped 2.14 percent and were among top losers on the main index, as improved risk appetite hurt gold's safe-haven appeal.

New Zealand's benchmark S&P/NZX 50 index .NZ50 gained 0.8 percent to end at another record high of 9,844.95. The benchmark posted its best quarter since December 2015.

The benchmark has risen sharply since the country's central bank shocked investors on Wednesday by stoking expectations of a rate cut as its next move.

Local shares of Westpac Banking Corp WBC.NZ and Australia and New Zealand Banking Group Ltd ANZ.NZ each firmed about one percent.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Quaterly performance of Aussie benchmark.PNG

https://tmsnrt.rs/2HLCx3W

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

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.