Volumes down as Cup proves a distraction
The benchmark S&P/ASX 200 Index added 41.4 points, or 0.8 per cent, to 5432.0 as the big four banks, along with the biggest mining and energy stocks, led the bourse higher. The broader All Ordinaries index also gained 41.4 points, or 0.8 per cent, to 5425.7.
The market opened higher, taking its lead from international equities after Wall Street and major European markets closed higher. It continued to climb in the afternoon, despite declines on markets in Asia.
While investors shrugged off the RBA's decision to keep the cash rate at a historic low, as expected, the dollar fell about a quarter of a cent to US94.7¢, after the RBA's statement pointed out the currency was still "uncomfortably high".
Among the banks, CBA jumped 1.2 per cent to a record $77. National Australia Bank rose 1 per cent to $35.80, while ANZ gained 0.8 per cent to $33.79 and Westpac added 0.6 per cent to $34.35.
Listed funds manger Magellan Financial fell ahead of the release of its monthly funds under management update but recovered somewhat after showing net inflows of more than $1.5 billion during October. The stock closed down 2.2 per cent at $11.
Resource stocks were the best performers, with the energy index up 1.3 per cent, and the metals and mining index gaining 1.4 per cent.
Iron ore exporters benefited as the spot price rose 0.4 per cent to $US135.80 a tonne.
BHP Billiton added 0.9 per cent to $37.85, while Rio Tinto rose 1.5 per cent to $64.70 and Fortescue jumped 4 per cent to $5.53. Junior iron ore miner Sundance Resources was the best-performing stock, soaring 15 per cent to 11.5¢.
Woodside Petroleum added 1.4 per cent to $39.35, after the Brent crude oil price edged up 0.1 per cent to $US106.28 ($112) per barrel. Santos rose 0.5 per cent at $15.17, while Oil Search gained 0.9 per cent at $8.56. Origin Energy lifted 2 per cent to $14.67.
Linc Energy dropped 0.4 per cent to $1.36, after announcing it would close its underground coal gasification plant in Queensland due to regulatory obstacles and plans to move the operation to an unspecified Asian location.
Frequently Asked Questions about this Article…
Trading volumes were lower because many investors were distracted by the Melbourne Cup, even though the sharemarket closed higher due to gains in global equities and stronger bulk commodity prices.
Trading volumes were lower because many investors were distracted by the Melbourne Cup, even though the sharemarket closed higher due to gains in global equities and stronger bulk commodity prices.
The big four banks performed well, with CBA jumping 1.2% to a record $77, National Australia Bank rising 1% to $35.80, ANZ gaining 0.8% to $33.79, and Westpac adding 0.6% to $34.35.
The big four banks performed well, with CBA jumping 1.2% to a record $77, National Australia Bank rising 1% to $35.80, ANZ gaining 0.8% to $33.79, and Westpac adding 0.6% to $34.35.
The RBA's decision to keep the cash rate at a historic low was largely shrugged off by investors, but it did cause the Australian dollar to fall about a quarter of a cent to US94.7¢.
The RBA's decision to keep the cash rate at a historic low led to the Australian dollar falling about a quarter of a cent to US94.7¢, as the RBA noted the currency was still 'uncomfortably high.'
Resource stocks were the best performers, with the energy index up 1.3% and the metals and mining index gaining 1.4%.
Resource stocks were the best performers, with the energy index up 1.3% and the metals and mining index gaining 1.4%. Notably, BHP Billiton, Rio Tinto, and Fortescue all saw significant gains.
Iron ore exporters benefited from a 0.4% rise in the spot price to $US135.80 a tonne, with companies like BHP Billiton, Rio Tinto, and Fortescue seeing gains.
Iron ore exporters benefited as the spot price of iron ore rose 0.4% to $US135.80 a tonne, leading to gains for companies like BHP Billiton, Rio Tinto, and Fortescue.
Magellan Financial fell ahead of its monthly funds under management update but recovered somewhat after showing net inflows of more than $1.5 billion during October, closing down 2.2% at $11.
Magellan Financial fell ahead of its monthly funds under management update but recovered somewhat after showing net inflows of more than $1.5 billion during October, closing down 2.2% at $11.
The slight increase in the Brent crude oil price to $US106.28 per barrel helped boost energy stocks, with companies like Woodside Petroleum, Santos, and Oil Search seeing gains.
Sundance Resources was the best-performing stock among junior iron ore miners, soaring 15% to 11.5¢.
Linc Energy's share price dropped 0.4% to $1.36 after announcing it would close its underground coal gasification plant in Queensland due to regulatory obstacles and plans to move the operation to an unspecified Asian location.
Linc Energy's stock dropped 0.4% to $1.36 after announcing it would close its underground coal gasification plant in Queensland due to regulatory obstacles and plans to move the operation to an unspecified Asian location.
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