China drives stocks to five-year highs
Stocks this week rallied to levels not seen since 2008 after the US Congress approved a late deal to lift the US government borrowing limit and end a partial government shutdown.
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Stocks this week rallied to levels not seen since 2008 after the US Congress approved a late deal to lift the US government borrowing limit and end a partial government shutdown.
The resolution to the US debt crisis also boosted gold prices and the Australian dollar, helping goldminers but not the US dollar-exposed resource companies.
The local market enjoyed a large kick on Friday from news that China, the world's second-biggest economy, grew 7.8 per cent in the year to September.
For the week, the benchmark S&P/ASX 200 Index jumped 90.6 points (1.7 per cent) to 5321.5 points and the broader All Ordinaries jumped 92.2 points (1.8 per cent) to 5321 points.
The US debt-ceiling deadline had been ticking down for weeks while concern about missing the deadline had been increasing. So when Republicans and Democrats fashioned a last-minute political truce on Wednesday - effectively pushing the deadline back by a few months - global markets rallied strongly.
The S&P 500 surged to a record high, helping the local market hit its highest level in almost 5 years.
Shareholder confidence behind the rally was reflected in the Australian Securities Exchange's VIX Index, which gauges investor sentiment and closed at 12.349, the lowest this month and a relatively low value historically.
Early on Friday the Australian dollar hit a four-month high US96.48¢ after US budget legislation was passed.
The weaker US dollar helped goldminer Newcrest, which gained 54¢ (5.3 per cent) to close at $10.68.
But the big miners didn't fare as well, with BHP Billiton losing 5¢ to $35.75 while Rio Tinto shed 26¢ to $63.45.
Other companies exposed to the US dollar also fell, including insurer QBE, down 19¢ to $14.59, and healthcare group ResMed down 6¢ to $5.79.
For the week, Warrnambool Cheese and Butter gained 62¢ (8.5 per cent) to $7.89 and Bega Cheese rose 6¢ (1.6 per cent) to $3.88 after diary co-operative Murray Goulburn entered the takeover battle for WCB, trumping rival bidders Bega Cheese and Saputo with a $420 million offer.
Fortescue Metals rose 30¢ (6 per cent) to $5.30 after it said its huge expansion project was all but complete and it was ready to start paying off its $12 billion debt.
Oz Minerals dropped 65¢ (14.8 per cent) at $3.75, after it said it had not achieved its expected production levels of gold and copper at its Malu open pit in South Australia.
The resolution to the US debt crisis also boosted gold prices and the Australian dollar, helping goldminers but not the US dollar-exposed resource companies.
The local market enjoyed a large kick on Friday from news that China, the world's second-biggest economy, grew 7.8 per cent in the year to September.
For the week, the benchmark S&P/ASX 200 Index jumped 90.6 points (1.7 per cent) to 5321.5 points and the broader All Ordinaries jumped 92.2 points (1.8 per cent) to 5321 points.
The US debt-ceiling deadline had been ticking down for weeks while concern about missing the deadline had been increasing. So when Republicans and Democrats fashioned a last-minute political truce on Wednesday - effectively pushing the deadline back by a few months - global markets rallied strongly.
The S&P 500 surged to a record high, helping the local market hit its highest level in almost 5 years.
Shareholder confidence behind the rally was reflected in the Australian Securities Exchange's VIX Index, which gauges investor sentiment and closed at 12.349, the lowest this month and a relatively low value historically.
Early on Friday the Australian dollar hit a four-month high US96.48¢ after US budget legislation was passed.
The weaker US dollar helped goldminer Newcrest, which gained 54¢ (5.3 per cent) to close at $10.68.
But the big miners didn't fare as well, with BHP Billiton losing 5¢ to $35.75 while Rio Tinto shed 26¢ to $63.45.
Other companies exposed to the US dollar also fell, including insurer QBE, down 19¢ to $14.59, and healthcare group ResMed down 6¢ to $5.79.
For the week, Warrnambool Cheese and Butter gained 62¢ (8.5 per cent) to $7.89 and Bega Cheese rose 6¢ (1.6 per cent) to $3.88 after diary co-operative Murray Goulburn entered the takeover battle for WCB, trumping rival bidders Bega Cheese and Saputo with a $420 million offer.
Fortescue Metals rose 30¢ (6 per cent) to $5.30 after it said its huge expansion project was all but complete and it was ready to start paying off its $12 billion debt.
Oz Minerals dropped 65¢ (14.8 per cent) at $3.75, after it said it had not achieved its expected production levels of gold and copper at its Malu open pit in South Australia.
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