Local shares rally for a strong finish despite political uncertainty

Announcement posted by de2 Communications 04 Jul 2016

4 July 2016: SYDNEY - Australian shares had a strong rally into the close as the local sharemarket shrug off the uncertainty created by the lack of a result from the Federal election.

“Most sectors finished in positive territory, with materials, energy, utilities, property and industrials leading the charge,” said Chris Conway, Head of Research at Australian Stock Report.

According to Conway the only sectors to finish underwater were financials and telcos.

Of the big miners, BHP Billiton (BHP) jumped 2.3%, whilst Rio Tinto (RIO) surged 3.7%. This was despite iron ore finishing weaker on Friday night.

Gold miners were in high demand, with Northern Star (NST) surging close to 8%, whilst Evolution Mining (EVN) went even better, jumping 8.5%.

Newcrest (NSM) was no laggard, adding 4.8%. In the energy space, Santos (STO) led the majors, adding 2.6%, whilst Oil Search (OSH) tacked on 1%.

"It wasn't all good news however, as the big banks were all weaker with Westpac (WBC) the worst of the lot, off 1%," said Conway.

On the day the ASX 200 put on 35 points (+0.7%) to settle at 5281 - a fairly strong showing given the uncertainty surrounding the election and given U.S. markets are close tonight for the Independence Day holiday.

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For more information or additional details, visit:

http://www.australianstockreport.com.au/