Australian Shares End Trading Firmer Amid Banking and Telco Sectors

Strategic Insights -

Australian shares concluded trading with a gain, as the banking and telecommunications sectors posted significant increases, while BHP weighed on the resources sector. The all ordinaries index rose by 22.5 points to 2889.5, with the industrials index increasing by 48.3 points to 5226.9. The banking sub-index climbed almost 2% to 6639.6, driven in part by National Australia Bank's 65.9 cents gain, ANZ's 23 cents rise, and Commonwealth Bank of Australia's 23 cents increase. In contrast, the resources sector saw BHP slip 21 cents, despite Rio Tinto's 35 cents jump and North's 2 cents gain. Telstra Corp and Cable & Wireless Optus showed mixed performance, with Telstra Corp rising 25 cents on 8.9 million shares, while Cable & Wireless Optus fell 4 cents on 20.8 million shares.

Key Takeaways:

  • The all ordinaries index rose 22.5 points to 2889.5, with the industrials index increasing by 48.3 points to 5226.9.
  • The banking sub-index climbed nearly 2% to 6639.6, driven by gains in National Australia Bank, ANZ, and Commonwealth Bank of Australia.
  • The resources sector saw mixed performance, with BHP down 21 cents and Rio Tinto up 35 cents.
  • Telstra Corp rose 25 cents on a turnover of 8.9 million shares.
  • Cable & Wireless Optus fell 4 cents on a volume of 20.8 million shares.
  • National Australia Bank, ANZ, and Commonwealth Bank of Australia led the banking sector's gain.
  • Rio Tinto's 35 cents increase was among the highlights of the resources sector.

Statistics:

  • 401.3 million shares traded with a total value of 1.343 billion Australian dollars (859.5 million U.S. dollars).
  • The number of rising shares was 705, falling shares was 553, and steady shares was 413.
  • The gold index was 12.2 points, or 1.16%, higher at 1064.2.
  • The price of gold bullion in Sydney closed at 286.85 U.S. dollars per ounce, compared to 287.10 on Thursday.

Sources:

  • XINHUA Australian shares ended trading firmer with banking and telco stocks among the better performers.
  • COMTEX (http://www.comtexnews.com)
  • News Provided by COMTEX (http://www.comtexnews.com)