Australia Market edges higher

Headline indices of the Australia market were edge higher on Wednesday, 26 September 2018, with gains in shares of materials and energy companies on the back of higher oil and commodity prices, offsetting losses in banks and financials. In late afternoon trade, the benchmark S&P/ASX200 index was up 6.02 points, or 0.1%, to 6,191.90 points, while the broader All Ordinaries index was 8.74 points, or 0.14%, up at 6,307.80 points.

Shares of materials and energy companies were up, on the back of higher oil and commodity prices. WTI crude for November added A$0.20 or 0.3% to close at $72.28 a barrel on the New York Mercantile Exchange. BHP, the country's largest firm by market value, firmed 1.4%, while rival Rio Tinto Ltd rose as much as 2%. Santos shares were up 0.8% on announcing its plans to nearly double natural gas production by 2025, almost doubling its current levels. This comes on the back of its acquisition of Quadrant Energy earlier in the year for US$2.15 billion.

 

Shares of banks and financial players declined, with big four banks - ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank - were lower in a range of 0.3% to 0.6%.

CURRENCY: Australian Dollar was tad higher against greenback and other major currencies on Wednesday. The local currency was quoted at $0.7253, up from $0.7246 on Tuesday.

OFFSHORE MARKET NEWS, US stock market closed mixed on Tuesday, on caution ahead of the Federal Reserve's monetary policy decision on Wednesday. The Dow Jones Industrial Average fell 69.84 points or 0.3% to 26,492.21 and the S&P 500 slipped 3.81 points or 0.1% to 2,915.56, While the Nasdaq edged up 14.22 points or 0.2% to 8,007.47.

The major European markets ended higher on Tuesday. The U.K.'s FTSE 100 Index climbed by 0.7%, while the German DAX Index and the French CAC 40 Index edged up by 0.2% and 0.1%, respectively.

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