Aussie Shares Switch Gears
Following a soft and uninspired session overnight, Aussie stocks opened in convincing green. The morning session etched out a 1% gain to safely position the local bourse back into the 5000-handle.
After the previous two sessions of attrition amongst financials, bottom-buyers stepped into to boost the banks. On a thin trading day, the bulk of the trading volume took place amongst the financials, with CBA trading back within $72-ranges, up 0.9%. NAB was the biggest winner of the four banks, adding 1.3% to its value during Thursday trade.
Materials were the only major sector bucking the green-trend, with BHP’s performance the prime culprit. The miner continues to trade in red territory for the second consecutive session. Following its annual report release on Wednesday, the miner has shed almost 5% over the past two sessions as investors digest the prospect of a hybrid offering.
In afternoon trade, volumes remain skinny, which points to investor uncertainty. Equities have clung onto the session’s 1% gain, while the Aussie dollar has dipped below US$0.70. Words from Janet Yellen Friday morning may see the Aussie dollar back on the move.
Frequently Asked Questions about this Article…
Aussie shares opened in the green today due to a 1% gain in the morning session, which helped position the local bourse back into the 5000-handle. This positive movement followed a soft and uninspired session overnight.
Financial stocks received a boost today as bottom-buyers stepped in after two sessions of attrition. The bulk of trading volume was concentrated in the financials, with notable gains seen in banks like CBA and NAB.
NAB was the biggest winner among the four major banks, adding 1.3% to its value during Thursday's trade, contributing to the overall positive performance of the financial sector.
BHP's stock continued to decline due to investor reactions to its annual report released on Wednesday. The miner has shed almost 5% over the past two sessions as investors digest the prospect of a hybrid offering.
The materials sector is currently bucking the overall green trend in the market, primarily due to BHP's underperformance, which has been trading in red territory for the second consecutive session.
The thin trading volume indicates investor uncertainty, as volumes remain skinny despite the equities clinging onto the session's 1% gain.
The Aussie dollar has dipped below US$0.70, reflecting some volatility in the currency market. However, upcoming comments from Janet Yellen may influence its movement further.
Janet Yellen's comments, expected on Friday morning, could potentially move the Aussie dollar, which has already dipped below US$0.70. Investors will be watching closely for any indications that might affect currency trends.
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