Australian shares make modest gains

13 Aug, 2016

Australian shares were firmer on Friday as a bounce in oil prices aided the energy and commodity sector, though disappointing economic data from China took the shine off a record finish on Wall Street. The S&P/ASX 200 index added 0.42 percent, or 22.88 points, to 5530.90 at the close of trade.
That left the market up 0.6 percent for the week, the first full one after the Reserve Bank of Australia (RBA) cut interest rates to a record low of 1.5 percent.
New Zealand's benchmark S&P/NZX 50 index gained 0.13 percent or 9.27 points, to finish the session at 7363.10.
Australian market had started well enough after all three major US stock indexes ended Thursday at record highs for the first time since 1999.
A 4 percent rally in oil prices helped the energy sector put on 0.7 percent, with Santos adding 3.3 percent. Westpac Banking Corp extended its recent decline, falling 1.7 percent to a four-week trough in the wake of an earnings update that showed shrinking revenue from markets and rising funding costs.

Read Comments