Australian shares push higher

Announcement posted by de2 Communications 28 Jul 2016

28 July 2016: SYDNEY -- The Australian market pushed higher today after the US Federal Reserve decided to keep interest rates unchanged in the US overnight.

The market traded mostly sideways through the afternoon bouncing between the 5550 and 5565 levels after pushing higher in the morning session, according to the Australian Stock Report.

Materials led the sectors, adding 1.8% with gold miners gaining from an overnight rise in spot gold.

Northern Star Resources (NST) and St Barbara led the gold miners, putting on 7% each, also leading the S&P/ASX 200 for the day.

Fortescue Metals Group (FMG) also had a good day adding 4.8% with a rise in Iron prices.

The Energy sector lagged the index, losing 1%. The Worst performers of the sector were Beach Energy Group (BPT) dropped 3.3% and Origin Energy (ORG) which lost 2.2%.

Iron ore picked up 55 US cents (1%) to $58.63 a tonne, Brent Crude was US$43.56 up 9 US cents (0.2%), and Spot Gold was flat at US$1340 per tonne after picking up $20 overnight.

The Australian dollar was buying 75.3 US cents. On the day, the S&P/ASX 200 closed up 16 points at 5556.

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