Australian stocks close marginally higher THE Australian sharemarket has closed slightly higher after a quiet Melbourne Cup trading day, maintaining modest early gains throughout the day, as the Reserve Bank held interest rates steady for the 15th month in a row. At the 4.15pm (AEDT) official market close, the benchmark S & P/ASX200 index added 13 points, or 0.24 per cent, to 5,519.9, while the broader All Ordinaries index rose 13.2 points, or 0.24 per cent, to 5,498.2. WALL ST: US stocks mixed, amid oil fears In local economic news, the Reserve Bank of Australia held the cash rate at 2.5 per cent. Meanwhile, the Australian Bureau of Statistics’ September retail trade figures showed sales rose a seasonally adjusted 1.2 per cent, thanks in part to iPhone 6 sales. Official data also showed the international trade deficit widened, beyond expectations, by 123 per cent to $2.261 billion. The ABS also announced it would upwardly revise Australia’s unemployment rate for September, from 6.1 per cent to 6.2 per cent, when it releases the October labour force numbers on Thursday. INTERACTIVE: What the RBA’s statement really means The Australian dollar touched near a four-year-low at US86.46 cents earlier in midmorning trade, but recovered to US87.28c after the RBA announcement. This morning, the weekly ANZ/Roy Morgan consumer confidence index held steady. Investment director for Maxim Asset Management Winston Sammut said it was a quiet day for the market, considering the public holiday in Victoria. “The RBA decision was not unexpected, so it didn’t have an impact on the market. “The Japanese market exploded out of the blocks this morning on the back of an announcement on government stimulus, which will be aimed at the equities markets. “That movement could have a positive impact on our market, but it’ll be tempered by offshore markets overnight. We’re likely to have a two-day market catch-up on Wednesday morning.” Atlas Iron was among the biggest losers, giving up 4.84 per cent to 29.5c. Resources stocks pulled the market higher, adding 0.76 per cent as a sector. BHP Billiton lifted 0.89 per cent to $34.01, while rival Rio Tinto edged up 0.95 per cent to $60.35. Fortescue Metals gained 0.9 per cent to $3.38, while Newcrest added 1.74 per cent to $8.76. Financials rose 0.19 per cent as a sector. ANZ lifted 0.21 per cent to $33.65, while Westpac fell 0.14 per cent to $34.50. Commonwealth Bank rallied 0.31 per cent to $80.77, while National Australia Bank lost 0.8 per cent to $34.61. Consumer discretionaries rallied 0.72 per cent as a sector. Myer lifted 1.87 per cent to $1.91, while Premier Investments gained 0.66 per cent to $10.67. Consumer staples weighed on the market, losing 1.16 per cent as a sector. Woolworths shed 2.75 per cent to $33.30, while Wesfarmers gave up 0.25 per cent to $44.04. Meanwhile, Telstra declined 0.18 per cent to $5.66, while Qantas added 2.44 per cent to $1.68. MICHAEL RODDAN, BUSINESS SPECTATOR NOVEMBER 05, 2014
Posted on: Tue, 04 Nov 2014 23:08:32 +0000
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