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Petroleum industry

Australian Stock Market Ends Higher Despite Weakening Confidence

Strategic Insights

— 1 min read

The Australian stock market finished the day 17.2 points higher at 2,902.5, driven by a stronger gold sector, but failed to maintain momentum despite a strong lead from Wall Street. Brokers noted that confidence weakened in the afternoon session as investors focused on the implications of U.S. employment data. The market's performance was characterized by a relatively subdued trade ahead of the release of the U.S. employment figures. National turnover on the Australian Stock Exchange was 358.89 million shares traded for 967.33 million Australian dollars (604.58 million U.S. dollars).

Key Takeaways:

  • The Australian stock market finished 17.2 points higher at 2,902.5, with the all-ordinaries index drifting back from an intra-day high of 2,914.7 points.
  • The stronger gold sector was a key driver of the market's performance, with the gold index surging 31.3 points to 1,020.1.
  • National turnover on the Australian Stock Exchange was 358.89 million shares traded for 967.33 million Australian dollars (604.58 million U.S. dollars).
  • The all-industrials index added 24 points to 5,256.3, while the all-resources index strengthened 13.8 points to 966.9.
  • The gold price closed at 288.75 U.S. dollars an ounce, up from Thursday's close of 286.75.
  • The National Australia Bank shot up 43.5 cents, helping to push the bank index 47 points higher to 6,732.2.
  • Telcos rallied, led by Telstra, which recovered 12 cents to close.
  • BHP staged a 25.2 cents or 2.16 percent recovery after announcing plans to cut 325 jobs at its West Australian iron ore operations.

Statistics:

  • Australian stock market finished 17.2 points higher at 2,902.5.
  • Intra-day high reached 2,914.7 points.
  • National turnover: 358.89 million shares traded, 967.33 million Australian dollars (604.58 million U.S. dollars).
  • U.S. gold price: 288.75 dollars an ounce (up from 286.75).
  • Gold index: surged 31.3 points to 1,020.1.
  • Australian dollar: 1 AUD = 0.60458 USD (exchange rate).
  • Employment figures: U.S. employment data released.

Sources:

  • XINHUA.
  • Morgan Stockbroking.
  • COMTEX (http://www.comtexnews.com).

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