Australia Market finishes tick higher

The Australian share market finished session slight higher after recouping early losses on Friday, 01 November 2019, snapping two sessions of losing streak, after A private survey of factory activity in China showed manufacturing activity in the country expanded more than expected in October. Most of ASX sectors advanced, with shares in Gold, Property, Healthcare and Energy sectors being notable gainers, helping to offset losses from most of the big banks and major resource stocks. At closing bell, the benchmark S&P/ASX200 index rose 5.72 points, or 0.09%, to 6,669.10, while the broader All Ordinaries added 6.27 points, or 0.09%, to 6,779.15.

ANZ Banking Group (ANZ) slumped by an additional 2 per cent today, taking the losses this week to ~6 per cent. It released softer profit results yesterday, a drop in margins due to record low interest rates and changes to dividend franking.

 

ECONOMIC NEWS: Australia manufacturing sector continued to expand at a slower pace in October, with a seasonally adjusted Performance of Manufacturing Index score of 51.6, the latest survey from the Australian Industry Group revealed on Friday. That's down from 54.7 in September, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, production, employment, supplier deliveries, exports, sales, input prices and average wages all were in expansion territory. New orders, finished stocks and selling prices were in contraction.

CURRENCY NEWS: The Australian dollar, sensitive to shifts in broader risk appetite, was down against greenback. The Australian dollar changed hands at $0.6906 after falling from levels above $0.692 seen yesterday.

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