The Australian share market has closed solidly higher amid optimism that progress is being made between the US and China on trade.
Thursday, 10th October, 2019
The ASX200 index finished Friday up 59.7 points, or 0.91 percent, to 6,606.8 points, while the broader All Ordinaries was up 59 points, or 0.89 percent, to 6,721.9 points.
The rally came after US President Trump announced overnight that he plans to meet Chinese Vice Premier Liu He on Friday, boosting optimism that the two countries could agree to a deal to ease trade tensions. Health care and mining stocks were the strongest performers, with most sectors up 1.3 percent. Biotech giant CSL rose two percent to an all-time high of $244.54 and Neuren Pharmaceuticals climbed 8.9 percent to $2.33 after the US Food and Drug Administration granted an orphan drug designation for its drug candidate to treat the genetic disorder Angelman syndrome.
Mining giant BHP climbed 2.1 percent to $35.82, Rio Tinto rose 2.3 percent to $89.97 and Fortescue Metals surged 4.1 percent to $8.81 after extending its $500 million share buyback program for another 12 months. Goldminers were lower as traders fled safe harbour assets for riskier ones, with Newcrest and Evolution both down 1.5 percent and Northern Star falling 1.2 percent.
The big banks were all higher, with Commonwealth up 0.9 percent to $78.77, ANZ climbing 1.1 percent to $27.49, Westpac up 0.8 percent to $28.75 and NAB up 0.6 percent to $28.20.
The Aussie dollar is buying 67.79 US cents, up from 67.46 US cents on Thursday.
|Equities / Fixed Interest||Close||Change||% Change|
|Currency||Close||Pts Change||% Change|
|$A vs $US||0.6773||0.0011||0.16|
|$A vs GBP||0.5432||
|$A vs EUR||0.6148||0.0007||0.12|
|$A vs YEN||73.15||0.20||0.28|
|$A vs $NZ||