Mining, finance drives share market gains

Mining, finance drives share market gains

By Simon Frazer

Telstra had posted a gain of 0. 5 per cent, while there were mixed fortunes for the airlines. Qantas had risen 1. 5 per cent but Virgin Australia has lost 2. 4 per cent.

Mining and finance firms were among those driving the rise. ANZ had risen 0. 6 per cent, the Commonwealth Bank 0. 5 per cent and National Australia Bank 0. 4 per cent.

AMP and Macquarie Group were both up more than 1 per cent, but QBE Insurance had lost 0. 7 per cent. Rio Tinto had gained 0. 8 per cent, just shading a 0. 7 per cent rise for rival BHP Billiton.

Treasury Wine Estates had gained 2. 1 per cent after the company confirmed a second takeover bid, believed to have come from US private equity group TPG.

Electronics retailer JB Hi-Fi’s shares had dropped 7. 3 per cent after the firm reported a 10 per cent rise in its full-year profit to $128 million.

The supermarket giants were also up. Woolworths went up 0. 7 per cent, while Coles’ parent company, Wesfarmers, rose 0. 2 per cent.

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The All Ordinaries index had risen 28 points or 0. 5 per cent to 5,457 shortly before midday (AEST).

The food and beverage sector was down overall, with Coca-Cola Amatil falling 0. 3 per cent.

Harvey Norman had lost 0. 8 per cent but Myer was up 0. 2 per cent.

Read more here: ABC


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