Close Australian stocks have closed higher as investors rushed back into the market, encouraged by strong economic data.
The benchmark S&P/ASX200 index was up 37 points, or 0.8 per cent, at 4532.7, while the broader All Ordinaries index had risen 36.2 points, or 0.8 per cent, to 4563.
All sectors posted gains, with financials up 1.1 per cent and materials rising 0.7 per cent.
The S&P/ASX200 is up about 4 per cent so far this week at a three-week high after data released yesterday showed the economy grew 1.2 per cent in the last quarter - the fastest pace in three years.
need2know:
- Europe shares slip at the open
- Asian shares rise to two-week high
- The dollar dips back below 91 US cents
- Oil slips to $US73 as focus turns to US jobs
- Gold inches up to $US1246
- Dow futures are 32 points lower at 10,240
The local market opened strongly this morning as investors rushed back to equities for fear of missing out on a rally, but later lost some of the gains as profit-taking set in.
Today's trade data took some gloss off the GDP figures, with the trade surplus almost halving in July as coal exports to China and India shrunk.
Burrell Stockbroking director Richard Herring said the market opened up with strong gains before losing some ground late in the session.
‘‘The gains have been quite broad, which has been encouraging,’’ Mr Herring said. ‘‘The banks have been quite firm after a good day yesterday and the resources enjoyed a good day as well.
‘‘It’s encouraging that the market is moving up on perhaps a bit more breadth in terms of stock movements rather than just the top half a dozen that tend to dominate the index.’’
Good day for blue chips
Rio Tinto rose 88 cents, or 1.2 per cent, to $73.12, while BHP Billiton gained 41 cents, or 1.1 per cent, to $38.32.
Among the major banks, ANZ rose 29 cents at $23.43, Commonwealth Bank gained 61 cents to $51.92, National Australia Bank added 26 cents to $21.11 and Westpac finished 30 cents higher at $22.65.
Macquarie Group lost 40 cents to $37.40.
Other strong performers where the major retail stocks.
Coles owner Wesfarmers rose 57 cents, or 1.7 per cent, at $33.29, while Woolworths gained 24 cents, or 0.9 per cent to $28.47.
David Jones added 17 cents to $5.15, JB Hi-Fi gained 35 cents to $21.39 and Harvey Norman lost 1 cent to $3.48.
Cougar faces extinction
In news, Cougar stock fell 4.1 cents, or 54.7 per cent, to 3.4 cents after shares resumed trading on Thursday after being suspended since July. The coal gas developer warned in its annual results on Tuesday that it may not be able to continue as a going concern unless the Queensland government lifts an environmental order which has stopped work at its pilot plant near Kingaroy.
Grocery and hardware wholesaler Metcash said underlying earnings per share in fiscal 2011 is likely to grow by 6 to 8 per cent. Metcash fell 9 cents, or 2 per cent, to $4.32.
Woodside Petroleum said its Browse liquefied natural gas development is on track to complete a $1.25 billion work program by mid-2012. Its shares rose 33 cents to $43.23.
Among the other energy stocks, Santos fell 23 cents to $14.06, while Oil Search gained one cent to $5.95.
Newcrest was up 17 cents at $38.07.
Telstra added 2 cents to $2.81.
Preliminary national turnover was 2.12 billion securities worth $5.12 billion, with 654 stocks up, 416 down and 369 unchanged.
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AAP, Reuters, with BusinessDay