MARKET NEWS

Banks drive gains on share market
19/09/2014 5:16 PM

The share market has closed slightly higher as banks regained favour and investors were relieved Scotland voted against independence.

The big four banks were sold off by international investors earlier in the week due to the weaker Australian dollar, Australian Stock Report senior equity analyst Benny Sada said.

"A small recovery in our banking shares, which copped a hiding over the past week and a half, has lifted our market," he said.

"There's now a show of buying support for the banks, partly due to bargain hunters.

"The Scottish vote has also allayed some of the uncertainty surrounding possible impacts to economic growth in the UK and Europe."

National Australia Bank, which has direct exposure to the UK, added 69 cents to $33.90, ANZ gained 50 cents to $31.92, Commonwealth Bank rose 23 cents to $77.81 and Westpac was 12 cents higher at $33.17.

But those gains were tempered by falls in the resources sector, due to the strengthening US dollar and tumbling iron ore price.

BHP Billiton dropped 20 cents to $35.48, Rio Tinto shed 39 cents to $61.59 and Fortescue Metals was 17 cents weaker at $3.76.

The market fell by almost 1.8 per cent over the week - the third straight weekly drop.

Mr Sada said Chinese internet giant Alibaba's listing on Wall Street on Friday night could help trigger another rally there, which would likely boost the local market on Monday.

KEY FACTS

* The benchmark S&P/ASX200 index gained 17.3 points, or 0.32 per cent, to 5,433.1 points.

* The broader All Ordinaries index added 18.3 points, or 0.34 per cent, to 5,437.3 points.

* The December share price index futures contract was up 32 points at 5,434 points, with 26,184 contracts traded.

* The price of gold in Sydney at 1700 AEST was $US1,220.76 per fine ounce, down $US3.14 on Thursday's closing price of $US1,223.90.

* National turnover was 2.47 billion securities worth $6.3 billion.

Banks drive gains on share market
19/09/2014 4:43 PM

The share market has closed slightly higher as banks regained favour and investors were relieved Scotland voted against independence.

The big four banks were sold off by international investors earlier in the week due to the weaker Australian dollar, Australian Stock Report senior equity analyst Benny Sada said.

"A small recovery in our banking shares, which copped a hiding over the past week and a half, has lifted our market," he said.

"There's now a show of buying support for the banks, partly due to bargain hunters.

"The Scottish vote has also allayed some of the uncertainty surrounding possible impacts to economic growth in the UK and Europe."

National Australia Bank, which has direct exposure to the UK, added 69 cents to $33.90, ANZ gained 50 cents to $31.92, Commonwealth Bank rose 23 cents to $77.81 and Westpac was 12 cents higher at $33.17.

The resources sector was lower, due to the strengthening US dollar and tumbling iron ore price.

BHP Billiton dropped 20 cents to $35.48, Rio Tinto shed 39 cents to $61.59 and Fortescue Metals was 17 cents weaker at $3.76.

Mr Sada said Chinese internet giant Alibaba's listing on Wall Street on Friday night could help trigger another rally there, which would likely boost the local market on Monday.

KEY FACTS

* At 1615 AEST on Friday, the benchmark S&P/ASX200 index was up 17.3 points, or 0.32 per cent, at 5,433.1 points.

* The broader All Ordinaries index was up 18.3 points, or 0.34 per cent, at 5,437.3 points.

* The December share price index futures contract was up 32 points at 5,434 points, with 26,184 contracts traded.

* National turnover was 1.9 billion securities worth $5 billion.

Banks lead share market higher
19/09/2014 4:15 PM

The share market has ended the week with a rise due to a return to favour of bank stocks and relief Scotland has voted against independence.

At the close on Friday, the benchmark S&P/ASX 200 index was up 17.3 points, or 0.32 per cent, at 5,433.1, while the broader All Ordinaries index was up 18.3 points, or 0.34 per cent, at 5,437.3, according to preliminary figures.

On the ASX 24, the December share price index futures contract was 30 points higher at 5,432 with 25,876 contracts traded.