Australia Market bounces on bottom fishing

Headline indices of the Australia market closed higher on Friday, 24 September 2018, as investors chased for bottom fishing following heavy losses since the beginning of this month. Meanwhile buying pressure amplified by news of a new round of talks between the United States and China in coming days and solid Chinese economic data. The benchmark S&P/ASX200 index closed 36.6 points, or 0.6%, higher at 6,165.3 points on Friday, while the broader All Ordinaries index was up 36.4 points, or 0.58%, at 6,276.3 points. For the week, the benchmark S&P/ASX200 index lifted 0.35%.

Shares of materials and resources were higher, thanks to a surge in Dalian iron ore futures. BHP Billiton was 1.6% higher at A$31.82, while Rio Tinto was up 1.2% to A$73.15.

 

Shares of banks and financials were also higher, with top lender Commonwealth Bank of Australia gaining 0.5 percent. Westpac added 0.7% to A$27.76, while NAB was up 0.2% to A$27.35.

CURRENCY: Australian Dollar firmed up against greenback and other major currencies on Friday, on the back of positive results on the share market combined with the strong August jobs report on Thursday and the easing in US-China trade tension. The Aussie was buying 72.06 US cents at 1700 AEST, from 71.87 on Thursday.

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