Australian Market Advances to 0.55% – Market Positive
Mar, 12th 10:34
The Australian stock market has advanced on Monday following the strong gains on Wall Street Friday after the release of better-than-expected U.S. jobs data for February. In addition, firmer commodity prices lifted resources stocks.
At the close in Sydney, the S&P/ASX 200 gained 0.55%.
The best performers of the session on the S&P/ASX 200 were Beach Energy Ltd, which rose 6.45% or 0.080 points to trade at 1.320 at the close. Meanwhile, Sigma Pharmaceuticals Ltd added 5.00% or 0.045 points to end at 0.945 and Mineral Resources Ltd was up 3.70% or 0.630 points to 17.680 in late trade.
The worst performers of the session were Newcrest Mining Ltd, which fell 4.40% or 0.950 points to trade at 20.640 at the close. APN Outdoor Group Ltd declined 3.81% or 0.170 points to end at 4.290 and Iluka Resources Ltd was down 3.70% or 0.420 points to 10.940.
The big four banks – ANZ Banking, National Australia Bank, Westpac and Commonwealth Bank – are higher in a range of 0.3 percent to 1 percent.
On the technical charts, S&P/ASX200 is trading in the positive zone above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 49.37 and the MACD is above the signal line. The market is expected to trade in the positive zone.
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