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The Australian share market has rallied higher despite losses in the heavyweight mining sector.

The benchmark S&P/ASX200 index was up 40.2 points, or 0.60 per cent, to 6,725.7 points at 1200 AEST on Thursday, while the broader All Ordinaries was up 38.6 points, or 0.57 cent, to 6,808.7.

Healthcare, financial and property trust shares were the highest climbers, with each sector gaining more than one per cent.

Pharma giant CSL was up 1.65 per cent to $220.84, Healius was up 1.32 per cent to $3.06 and AusCann was up 4.23 per cent to $37.

The big four banks all gained, with ANZ up 1.31 per cent to $28.155, Commonwealth up 1.09 per cent to $81.83, NAB up 1.13 per cent to $26.92 and Westpac up 1.11 per cent to $28.21.

The materials sector slid 0.21 per cent after iron ore futures retreated.

Mining giant BHP was down 0.14 per cent to $42.02, Rio Tinto was down 0.14 per cent to $106.90 and Fortescue Metals was down 0.11 per cent to $9.39.

Consumer discretionary shares were the only other sector in the red, dipping into negative territory after ABS statistics for May indicated lower than expected levels of retail spending.

Flight Centre was down 1.70 per cent to $42.25, 3P Learning was down 3.45 per cent to 98 cents and Jumbo Interactive was down 0.99 per cent to $20.

Elsewhere, Aveo was up 3.08 per cent to $2.005 after the retirement home operator confirmed Brookfield Asset Management as the company it had begun takeover talks with.

Stockland was up 0.58 per cent to $4.365 after the property group sold a 50 per cent interest in its Aura residential development in Queensland to Terry Snow’s Capital Property Group.

The Aussie dollar surged to an almost nine-week high after the release of ABS data on retail trade and job vacancies.

The local currency is buying 70.46 US cents, from 69.94 US cents on Wednesday.