Australia Market gains 0.1%

Headline indices of the Australia stock market traded higher on last trading session of week and month, Friday, 29 June 2018, after fluctuating between gain and losses, thanks to positive lead from US market overnight. Most of ASX issues were higher, with shares in realty, materials, and utilities being notable gainers, however, weakness in the healthcare, industrials, and industrials stocks kept the benchmark in check. The benchmark S&P/ASX 200 Index advanced 5.11 points or 0.1% to 6,220.50. The broader All Ordinaries Index was up 8.41 points or 0.1% to 6,314.20.

Shares of healthcare declined the most in the benchmark index due to profit booking, with biotherapeutics producer CSL leading losses among health care companies. CSL, Sonic Healthcare, and Healthscope dipped in a range of 1% to 3%.

Energy stocks, which were headed for their third month of gains on firming oil prices, ran out of steam on Friday despite an overnight gain in spot prices as market participants considered their positions. Among Energy stocks, Woodside Petroleum, Santos and Origin Energy were down in a range of 0.5% to 1%.

The major miners received a boost from recovery in base metals on the London Metal Exchange and higher iron prices in China. Shares of BHP Billiton and Rio Tinto were rising in a range of 1% to 2%, while Fortescue Metals fell 1%. Gold miners were also advancing with Northern Star up 3% and Newcrest Mining climbing 1.7%.

Financials were traded lower, with Macquarie Group dropping on profit booking after rising to record high in the previous session, while Commonwealth Bank of Australia, ANZ Banking, National Australia Bank and Westpac performed mixed.

The major miners were mixed, with Fortescue Metals Group fell to near three-month low, after small iron ore miner Atlas Iron endorsed a A$390 million ($287 million) buyout from billionaire Gina Rinehart's Hancock Prospecting. Fortescue, controlled by billionaire Andrew Twiggy Forrest, has built a 20% stake in Atlas.

CURRENCY NEWS: The Australian dollar was modestly higher against greenback on Friday, after hitting an 18-month low midweek. The Australian dollar was trading at 73.52 US cents, up 0.16% from Thursday.

OFFSHORE MARKET NEWS: U.S. stocks closed higher on Wall Street Thursday, 28 June 2018. The Dow Jones Industrial Average rose 98.46 points, or 0.41%, to 24,216.05, the S&P 500 gained 16.68 points, or 0.62%, to 2,716.31, and the Nasdaq Composite added 58.60 points, or 0.79%, to 7,503.68.

China on Thursday eased restrictions on foreign investment in sectors ranging from banking, automobiles, heavy industry and agriculture, as it moved to open its domestic markets. In addition to confirming already announced pledges to remove ownership limits fully on Industries such as insurance and autos within the next three to five years, China will also ease or scrap ownership caps on business including ship and aircraft manufacturing, power grids and the breeding of crops, excluding wheat and corn.

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