CommBank touches record high as market edges higher
At the close on Monday, the benchmark S&P/ASX 200 Index was up 4.3 points at 5046.3, while the broader All Ordinaries edged 4.1 points higher to 5027.9.
Commonwealth Bank shares closed at a record high, helping offset falls by energy stocks and metals companies.
Activity on the market was low, as investors waited for this week's central bank meeting in the US.
"Asia is not looking too flash at present," IG chief market strategist Chris Weston said. "The fact the ASX 200 has held up so well is positive, with financials and materials providing support."
Japan's market fell 3.32 per cent as investors worried about talk of a delay to an anticipated increase in the country's consumption tax. A debt review in China had hurt sentiment on its market.
Commonwealth Bank added 21¢ to $73.86, above its previous best closing price of $73.49 in May. Westpac gained 30¢ to $30.82, National Australia Bank gained 16¢ to $31.16 and ANZ was 23¢ higher at $29.64.
In the resource sector, BHP dropped 5¢ to $34.55, Rio Tinto shed 13¢ to $57.11 and Fortescue Metals added 4¢ to $3.65.
Newcrest lost 26¢ to $12.15, while OZ Minerals shed 8¢ to $4.05 after warning it would take a hit of up to $240 million in its first-half results.
Energy companies also fell, with Woodside down 28¢ at $37.50 and Santos down 17¢ at $13.64.
The Australian dollar dipped as the slide on the Japanese market dented the popularity of higher-yielding currencies. Late on Monday, the dollar was at US92.45¢, down from US92.54¢ on Friday.
This strengthened the yen against the greenback and the Australian dollar, as the weak share prices of car exporters Toyota and Honda dented risk sentiment.
The dollar is expected to trade above US92¢ until Thursday morning, when the US Federal Reserve finishes its two-day policy meeting.
The Federal Open Markets Committee is expected to make an announcement on the timing of the tapering of its $US85 billion monthly bond-buying program.
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The ASX 200 closed up 4.3 points at 5046.3, while the broader All Ordinaries edged 4.1 points higher to 5027.9, with the market outperforming other Asian markets thanks largely to strength in the banking sector.
Commonwealth Bank shares closed at a record high after gains in the banking sector helped offset weakness elsewhere; CBA added 21¢ to close at $73.86, above its previous best closing price of $73.49 in May.
Westpac gained 30¢ to $30.82, National Australia Bank rose 16¢ to $31.16, and ANZ increased 23¢ to $29.64, with financials helping support the ASX 200's resilience.
BHP fell 5¢ to $34.55 and Rio Tinto shed 13¢ to $57.11, while Fortescue added 4¢ to $3.65. Newcrest lost 26¢ to $12.15 and OZ Minerals dropped 8¢ to $4.05 after warning it could take a hit of up to $240 million in its first-half results.
Energy companies were weaker on the day, with Woodside down 28¢ at $37.50 and Santos down 17¢ at $13.64, contributing to sector weakness that offset the banking gains.
Trading activity was low as investors awaited the US Federal Reserve's two-day policy meeting; the Federal Open Markets Committee was expected to comment on the timing of tapering its US$85 billion monthly bond‑buying program, a key focus for markets.
A slide in the Japanese market and weak share prices for car exporters Toyota and Honda dented risk sentiment, strengthening the yen and nudging the Australian dollar down to US92.45¢ (from US92.54¢ on Friday); the dollar was expected to trade above US92¢ until the Fed finished its meeting.
Notable movers mentioned in the article include Commonwealth Bank (record close at $73.86), Westpac, NAB and ANZ (all higher), resource names BHP, Rio Tinto, Fortescue, Newcrest and OZ Minerals (the latter flagged a possible up to $240 million hit), and energy players Woodside and Santos (both down).
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