(Australian Associated Press)
The share market has hit a 16 month high, led by resources, energy and financial companies as investors sought growth stocks. The benchmark S&P/ASX 200 index gained 0.4 per cent to close at 5,613.5 points, its highest level since August 6, 2015.
Nine of the market’s 12 indexes ended the day in positive territory after US stocks rose to a record high overnight.IG market strategist Evan Lucas said a bounce in commodity prices helped boost the materials sector, and with just over a week left in 2016, it looks like being the best year for that sector in more than five years, up more than 41 per cent.
Financial stocks, led by two of the major banks, also continued to find support among investors.”At the moment financials continue to dust off also the fears around funding issues into 2017,” Mr Lucas said. The market’s strong momentum is likely to continue, with US futures pointing to another strong session on Wall Street, he said. “The momentum is positive and its likely to hold through all the way until Friday week.”Rio Tinto jumped 86 cents to $60.12, BHP Billiton rose 26 cents to $25.17 and Newcrest added 22 cents to $17.76.ANZ rose 18 cents to $30.30 and National Australia Bank gained 16 cents to $30.56, while Westpac fell one cent to $32.48 and Commonwealth Bank dropped 18 cents to $82.09.AMP rose 12 cents to $5.07, IAG added five cents to $6.00 and QBE rose four cents to $12.64.
* The benchmark S&P/ASX 200 index added 22.4 points, or 0.4 per cent, to 5,613.5 points.
* The broader All Ordinaries index rose 22 points, or 0.39 per cent, to 5,662 points.
* The March share price index futures contract was up 27 points at 5,579 points, with 22,632 contracts traded.
* National turnover was 2.08 billion securities traded, worth $5.15 billion.