Egyptian coup gives energy groups a lift
The strong gains marked another day of market volatility, with shares shifting between big losses and big gains each day this week.
The benchmark S&P/ASX 200 Index gained 50.6 points, or 1.07 per cent, to 4794.7. The broader All Ordinaries Index added 53.2 points, or 1.13 per cent, to 4781.
On the ASX 24, the September share price index futures contract was 47 points higher at 4754, with 17,124 contracts traded.
CommSec market analyst Juliette Saly said energy companies were the standout performers on Thursday as crude oil prices stayed above $US100 a barrel following Mr Mursi's detention.
"That's exactly why we saw the oil price hit that 14-month high overnight - but also due to the fact we saw an increase in US stockpiles," she said. "Pretty much every sector was higher today. We did see a little bit of a switch out of info-tech but generally you can put a lot of the good work down to the great gains we saw coming through from the energy sector."
Woodside Petroleum was up $1.02, or 2.95 per cent, at $35.64, Oil Search gained 12¢ to $7.88 and Santos was also up 12¢ at $12.97.
The miners rose following gains in iron ore prices on Wednesday night, which lifted to $US120 a tonne. BHP Billiton gained 17¢ to $31.22, Rio Tinto improved 67¢ to $52.17 and Fortescue was 21¢ higher at $3.30.
Commonwealth Bank lost 6¢ to $68.47, while its rivals gained between 0.5 per cent and 1.15 per cent. The spot price of gold in Sydney finished at $US1252.50, up $US6.60 from Wednesday's close of $US1245.90.
The dollar was higher after a comment from Reserve Bank governor Glenn Stevens that caused the currency to fall to a three-year low was dismissed as a light-hearted remark.
At 5pm on Thursday it was trading at US91.06¢, up from US90.62¢ on Wednesday.
Mr Stevens told a business function on Wednesday that the RBA had deliberated for "a very long time" before deciding to leave the cash rate at its record low of 2.75 per cent on Tuesday.
The unscripted comment sent the Australian dollar below US91¢ and to its lowest level since September 2010.
Frequently Asked Questions about this Article…
The military overthrow of Egypt’s president helped push crude oil higher and lifted energy stocks, sending the Australian sharemarket up about 1%. The S&P/ASX 200 rose 50.6 points to 4,794.7 and the All Ordinaries added 53.2 points to 4,781.
CommSec market analyst Juliette Saly said crude stayed above US$100 a barrel after Mr Mursi’s detention, which helped push the oil price to a 14‑month high overnight. She also noted there was an increase in US stockpiles at the same time.
Energy names that rose included Woodside Petroleum (up $1.02, or 2.95%, to $35.64), Oil Search (up 12¢ to $7.88) and Santos (up 12¢ to $12.97).
Miners gained after iron ore rose to about US$120 a tonne. BHP Billiton climbed 17¢ to $31.22, Rio Tinto improved 67¢ to $52.17 and Fortescue was 21¢ higher at $3.30.
Commonwealth Bank slipped 6¢ to $68.47, while its banking rivals generally rose, gaining between about 0.5% and 1.15%.
Yes—spot gold in Sydney finished at US$1,252.50, up US$6.60 from the previous close of US$1,245.90.
An unscripted comment by Reserve Bank governor Glenn Stevens briefly sent the Australian dollar to a three‑year low below US91¢. By 5pm the dollar had recovered to about US91.06¢ from US90.62¢ the day before. Mr Stevens had noted the RBA deliberated "a very long time" before keeping the cash rate at a record low 2.75%.
Yes—the article described another day of volatility with big swings. Pretty much every sector was higher that day, but the standout performers were energy stocks, which drove a lot of the market gains (with some rotation out of info‑tech).
Call 1300 880 160
Start a chat
Schedule a call
