Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Australia shares on track for six-day winning streak; NZ up

Stock Markets Oct 18, 2017 12:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Australia shares on track for six-day winning streak; NZ up

By Christina Martin

Oct 18 (Reuters) - Australian shares climbed for a sixth straight session on Wednesday and touched a five-month high, shrugging off a dip in base metal prices and taking their cues from U.S. stocks, which rose overnight.

The S&P/ASX 200 index .AXJO rose 0.2 percent, or 11.288 points to 5,900.9, by 0045 GMT. The benchmark ended up 0.7 percent on Tuesday.

Industrials, healthcare and financials stocks led the gains on the index.

"The Australian markets are looking a little bit stretched today. With very little activity overnight and an overbought relative strength index, we'd have expected it to have had a pause or pullback," said Kurt Mayell, Asian equity hedge analyst at CMC Markets Asia Pacific Pty Ltd.

"But it seems traders are happy to continue buying this momentum."

Supply chain logistics company Brambles Ltd BXB.AX was the biggest gainer on the industrials index .AXJI and among the top gainers on the main index, rising as much as 3.9 percent to an eight-week high after it posted 6 percent jump in first-quarter sales revenue.

Australia's healthcare stocks .AXHJ gained as much as 0.6 percent to its highest in more than three months, with Mayne Pharma Group Ltd MYX.AX and Healthscope Ltd HSO.AX up as much as 2.1 percent and 0.9 percent, respectively.

Financials shot up as much as 0.3 percent, its highest since July 28, mostly boosted by smaller banks as three of the "Big Four" slipped between 0.1 percent and 0.4 percent.

"The banks seem to be getting more interest in smaller financials with the likes of Bendigo BEN.AX trading a little higher and IOOF IFL.AX trading strongly having successfully completed its institutional placement to help fund its ANZ wealth purchase," said Mayell.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index .NZ50 also edged higher, up 0.2 percent, or 13.75 points, to 8,125.8, supported by telecoms, industrials and healthcare stocks.

Global dairy prices slumped for the second time in a row at an auction held early on Wednesday, suggesting an earlier rally was running out of steam.

Australia shares on track for six-day winning streak; NZ up
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email