The Australian share market has powered into Friday’s close on a ten-week high thanks to strong performances by the energy and financial sectors despite AMP’s woes.
The benchmark S&P/ASX200 index was up 39.9 points, or 0.68 per cent, to 5,905.6 at 1630 AEDT on Friday, while the broader All Ordinaries was up 40.6 points, or 0.68 per cent, higher at 5,971.0
“It’s been a pretty good session given the mixed lead from Wall Street, and despite some heavy losses today for some relatively big stocks on the market, we’ve seen performances lifting across the board,” CommSec market analyst James Tao told AAP.
AMP shares were 10.2 per cent lower at one point – just four cents above their all-time low of $2.24 – and at 1630 AEDT were still down 7.87 per cent at $2.34.
But the wealth manager was an outlier in an otherwise strong financial sector, with the big four banks all in the black.
ANZ was the strongest of the quartet, rising 1.04 per cent to $26.19, while Westpac and NAB showed gains of 0.62 and 0.65 per cent respectively.
Shares in gas giant Santos rose 1.62 cent to $6.29 at the close, while Origin Energy was up 0.42 per cent to $7.24, and Beach Energy climbed 2.41 per cent to $1.70.
Healthcare was the only sector to suffer losses, dragged lower by ResMed’s 9.2 per cent fall after the dual-listed sleep device manufacturer’s second-quarter result fell short of market expectations.
“From a high level it doesn’t look terrible, but if you look at the stocks they’ve been savaged,” Mr Tao said.
ResMed finished the day down 12.4 per cent to $14.47, while Ansell Limited and Fisher & Paykel Healthcare fell down 0.76 per cent and 1.53 per cent respectively.
Consumer discretionaries were another strong market leader led by supermarket Coles up 2.41 per cent to $12.75.
Rival Woolworths finished flat at $30.52 while retail giant Wesfarmers lifted 0.83 per cent to $32.85.
Mining shares have been making some substantial gains in the market with strong quarterly results reports benefiting from higher mineral prices.
Iluka Resources shone brightly finishing up 9.05 per cent to $8.19 after announcing 2018 revenue was up around 22 per cent.
Rio Tinto rose 1.09 per cent to $80.47, while Fortescue Metals and giant BHP were also up.
Gold miners Northern Star and Orora each suffered losses down 1.95 per cent to $8.05, and 2.44 per cent to $3.20 respectively.
The Aussie dollar fell, buying 70.99 US cents from 71.05 US cents on Thursday.
ON THE ASX:
*The benchmark S&P/ASX200 index was up 39.9 points, or 0.68 per cent, to 5,905.6
*The All Ordinaries was up 40.6 points, or 0.68 per cent, higher at 5,971.0
* At 1630 AEDT, the SPI200 futures index was up 41 points, or 0.71 per cent, at 5,849.0
CURRENCY SNAPSHOT AT 1630 AEDT:
One Australian dollar buys:
* 70.99 US cents, from 71.05 US on Thursday
* 77.91 Japanese yen, from 77.85
* 62.68 euro cents, from 62.40
* 54.04 British pence, from 54.35
* 104.86 NZ cents, from 104.87
The spot price of gold in Sydney at 1630 AEDT was $US1282.31 per fine ounce, from $US1,281.15 on Thursday.