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Aussie shares start new trading week positively

Announcement posted by de2 Communications 01 Aug 2016

1 August 2016: SYDNEY - The Aussie market started the new trading week in positive fashion, but a late fade took some of the gloss of the early moves higher.

“Energy stocks were the best performers, with the sector adding 2.7%,” said Chris Conway, Head of Research at Australian Stock Report.

He added that commodity-linked stocks were the ones leading the market higher today on the back of a weak US dollar.

According to Conway, strong individual performances came from Santos (STO) and Oil Search (OSH), which added 2.3% and 2.8% respectively.

Solid gains were also seen from the miners, with BHP Billiton (BHP) up 0.8% and Fortescue Metals (FMG) putting on 0.9%.

Gains were also seen in the financial, property and utility sectors. Not having such a good time of things were telcos, healthcare and consumer discretionary plays.

On the day the ASX 200 added 25 points (+0.5%) to settle at 5587.

With the start of the reporting season and the Reserve Bank of Australia’s (RBA) rate decision tomorrow, this week will be busy with high-impact events.

With the US reporting lower than expected GDP over the weekend and the Bank of Japan (BOJ) disappointing the markets last week with the details of its stimulus package, there is increasing pressure on the RBA to cut rates.

 

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For more information, visit: http://www.australianstockreport.com.au/