Australia Market recovers 0.43%

Headline indices of the Australia market closed higher on Friday, 28 September 2018, as investors chased for value buying in recently battered stocks, thanks to the overnight rally on Wall Street, with shares in materials, energy, and banks and financial issues being notable gainers. The benchmark S&P/ASX200 index was up 26.35 points, or 0.43%, at 6,207.56 points, while the broader All Ordinaries index was 26.18 points, or 0.42%, higher at 6,325.51 points.

Shares of materials and resources companies were mostly higher, with BHP up 0.4%, while South32 Ltd firmed 0.8%.

Shares of banks and financial players were higher, as banks shrugged off the interim report of a high-profile inquiry into the country's financial industry. Commonwealth Bank was up 1.9% to A$71.41, while Westpac rose 1.2% to A$27.93 after announcing it was setting aside $235 million to compensate customers overcharged for financial services.

 

CURRENCY: Australian Dollar declined against greenback and other major currencies on Friday, as widening yield differentials and strains in emerging markets took their toll. The Aussie was buying 72.18 US cents, from 72.26 US cents on Thursday.

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