SHARES scaled their highest level in more than five weeks today on growing optimism about the global economic outlook.
The S&P/ASX 200 pulled back from an intraday high of 4066.9 - the highest level since the seven-month record reached on June 12 - to close up 49.5 points, or 1.2 per cent, at 4050.3. Today’s performance marked the benchmark index’s fifth straight gain and its longest winning streak since March 27. The latest performance takes gains in the past five sessions to 8.4 per cent. The All Ordinaries rose 51.3 points to 4044.2 at the close. RBS head sales trader Justin Gallagher said miners, energy producers and consumer stocks drew the most support as confidence trickled back into the market. “There is a broader confidence coming back into the market on global growth,” Mr Gallagher said. Wall Street has led the global rally of the past week following a string of strong earnings from US companies and upbeat economic data. The positive tone has spread to Asian markets and high-yielding currencies, such as the Australian dollar. The Aussie was last trading at US80.83c from Friday’s close of US79.96c. Hong Kong’s Hang Seng was up 2.4 per cent late this afternoon and South Korea’s KOSPI was higher by 2.7 per cent. Japan was closed for a public holiday. Miners underpinned the gains following news that cash prices for iron ore shipped to China had traded above $US90 per tonne for the first time this year. Copper also reached a five-week high on Friday, fuelling gains in industrial metals. Fortescue Metals soared 9.2 per cent to $4.28 while its bigger rivals BHP Billiton and Rio Tinto gained 2.3 per cent and 1.8 per cent respectively. Sandfire Resources closed up 7.2 per cent to $1.78, having peaked at $1.93 in early trading, after announcing “spectacular” copper-gold drilling results at its Doolgunna Project in Western Australia.
Uranium miner ERA, which is 68 per cent owned by Rio, jumped 5.4 per cent to $24.62 after it said first-half earnings may have more than tripled to $120 million. Among consumer stocks, Wesfarmers rose 1.9 per cent to $24, Woolworths jumped 1.5 per cent to $27.59 ahead of its quarterly sales results on Wednesday and David Jones was up 3.2 per cent to $4.79.
The S&P/ASX 200 pulled back from an intraday high of 4066.9 - the highest level since the seven-month record reached on June 12 - to close up 49.5 points, or 1.2 per cent, at 4050.3. Today’s performance marked the benchmark index’s fifth straight gain and its longest winning streak since March 27. The latest performance takes gains in the past five sessions to 8.4 per cent. The All Ordinaries rose 51.3 points to 4044.2 at the close. RBS head sales trader Justin Gallagher said miners, energy producers and consumer stocks drew the most support as confidence trickled back into the market. “There is a broader confidence coming back into the market on global growth,” Mr Gallagher said. Wall Street has led the global rally of the past week following a string of strong earnings from US companies and upbeat economic data. The positive tone has spread to Asian markets and high-yielding currencies, such as the Australian dollar. The Aussie was last trading at US80.83c from Friday’s close of US79.96c. Hong Kong’s Hang Seng was up 2.4 per cent late this afternoon and South Korea’s KOSPI was higher by 2.7 per cent. Japan was closed for a public holiday. Miners underpinned the gains following news that cash prices for iron ore shipped to China had traded above $US90 per tonne for the first time this year. Copper also reached a five-week high on Friday, fuelling gains in industrial metals. Fortescue Metals soared 9.2 per cent to $4.28 while its bigger rivals BHP Billiton and Rio Tinto gained 2.3 per cent and 1.8 per cent respectively. Sandfire Resources closed up 7.2 per cent to $1.78, having peaked at $1.93 in early trading, after announcing “spectacular” copper-gold drilling results at its Doolgunna Project in Western Australia.
Uranium miner ERA, which is 68 per cent owned by Rio, jumped 5.4 per cent to $24.62 after it said first-half earnings may have more than tripled to $120 million. Among consumer stocks, Wesfarmers rose 1.9 per cent to $24, Woolworths jumped 1.5 per cent to $27.59 ahead of its quarterly sales results on Wednesday and David Jones was up 3.2 per cent to $4.79.
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