RTTNews - The Australian market ended higher on Monday led by banks on increasing confidence that the worst for the global economy is over. Volume in the market was relatively less following holiday in New South Wales and ACT territories in the country.
The benchmark S&P/ASX200 Index ended at 4,263, representing a gain of 0.46% or 19.40 points, and the All-Oridnaries Index ended with a gain of 21 points, or 0.49% at 4,270.
In the U.S., stocks ended on a mixed note on Friday despite better-than-expected advance GDP numbers as traders expressed concern over the drop in personal spending reflecting the weakness in consumer demand which accounts for nearly two-thirds of the economy.
The tech heavy Nasdaq fell by 5.80 points or 0.3% to 1,978, while the Dow closed up by 17.15 points or 0.2% at 9,172 and the S&P 500 rose 0.73 points or 0.1% to 987.
On the economic front, a report released by the Australian Industry Group revealed that an index measuring manufacturing sentiment in the country ticked up 6.1 points to 44.5 during July, marking the highest score since September 2008. The report further noted that the rise in Index was boosted by improved scores among inventories, new orders and production. There was also improved confidence and a slight rebound in sales and orders.
In a separate report, the ANZ Bank revealed that total job advertisements in the country declined 1.7% percent in July following 6.7% contraction in the previous month.
Banks led the gains on increasing confidence about global recovery amid evidence of decline in the pace of bad debts in the economy. ANZ Bank gained 2.54%, Commonwealth Bank of Australia rose 1.99%, National Australia Bank advanced 2.55% and Westpac Banking increased 1.89%.
Mixed trading was witnessed among the oil stocks despite rise in crude oil prices. While Woodside Petroleum declined 1.75% and Oil Search slipped 0.18%, Santos added 1.25% and Origin Energy advanced 0.76%.
Metal stocks also ended mixed amid low volumes. BHP Billiton added 0.58%, Fortescue Metals advanced 1.26%, Gindalbie Metals rose 2.86% and Oz Minerals gained 2.86%. However, Rio Tinto slipped 0.18% on profit taking.
For comments and feedback: contact email@example.com