Burrell Stockbroking and Superannuation is a longstanding Queensland company providing full stockbroking, superannuation, wealth management and advisory services to private clients, Not-for-Profit and other investment organisations.
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Strong gains in the mining sector have lifted the Australian share market to finish the week higher as a major ratings agency upgraded its outlook on the country's credit standing and trade war worries recede.
Friday, 21st September, 2018
The ASX200 index was up 25.1 points, or 0.41 percent, to 6,194.6 points, while the broader All Ordinaries index was 28.5 points, or 0.45 percent, higher at 6,305.4 points.
The Australian dollar had its best week in more than a year as S&P Global Ratings revised its outlook to stable, from negative, removing the risk of a downgrade to Australia's triple-A credit rating and supporting bond prices. The Aussie dollar was buying 72.89 US cents and holding gains for the week of 1.9 percent, the largest since July last year.
Copper prices ended two days of gains to cool overnight, and iron ore also edged down, but the big Aussie miners gained nonetheless. BHP shares were up 2.5 percent to $33.58, while Rio Tinto lifted 1.8 percent to $79.49 a day after it announced it would return $3.2 billion to shareholders from its sale of Australian coal assets this year, in addition to existing buyback programs. Shares in Fortescue Metals were up 4.2 percent to $3.95, and South 32 Limited jumped 1.3 percent to $3.90 after it successfully appealed a damages decision on its Cerro Matoso nickel mine in Colombia.
The financial sector was up slightly at the close with Westpac recording the strongest gains of the big four banks, up 0.3 percent to $28.16, while NAB was the only major lender in the red, down 0.3 percent to $27.66.
In companies news, jewellery chain Michael Hill has hired Specialty Fashion's Daniel Bracken as chief executive after current CEO Phil Taylor quit citing health problems. Mr Bracken, a former Myer deputy chief executive who oversaw Specialty Fashion's well-received sale of the Katies, Millers, Crossroads, Autograph and Rivers retail brands, will join Michael Hill in November. Michael Hill shares closed 0.6 percent down at 88.5 cents, while Specialty Fashion shares had not moved at $1.25.
|Equities / Fixed Interest||Close||Change||% Change|
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.7299||0.0014||0.19|
|$A vs GBP||0.5512||
|$A vs EUR||0.6185||-0.0001||-0.01|
|$A vs YEN||82.31||0.36||0.44|
|$A vs $NZ||