Category: Stockmarket / Currency / Markets
Market close: Shares edge higher after Wall St gains
Tuesday, 30 Aug 2016 15:47:56 | Justine Parker
Australian shares were up just 0.2 per cent, following a 0.5 per cent rise on Wall Street. (Giulio Saggin: ABC News)
It was a day of moderate gains on the share market, as investors took their lead from a solid session on Wall Street overnight.
Markets at 5:40pm (AEST):
- ASX 200 +0.2pc to 5,478, All Ords +0.2pc to 5,574
- Major gains: Austal +14pc to $1.505, Ramsay Health Care +7.8pc to $81.42, FlexiGroup +7.5pc to $2.44
- Major losses: Estia Health -15.1pc to $3.48, Gateway Lifestyle -13pc to $2.27, Mesoblast -7.3pc to $1.405
- Futures: Euro Stoxx 50 +18pts to 3,018, FTSE -1pt to 6,843, S&P 500 +1pt to 2,180
- AUD: 75.5 US cents, 57.7 British pence, 77.3 Japanese yen, 67.6 euro cents, $NZ1.043
Healthcare stocks led the way, with Ramsay Health Care coming out on top after announcing a big rise in full-year profit.
Australia's biggest private hospital operator said net profit rose by nearly 17 per cent to $450.3 million for the year.
Ramsay shares touched a record high, closing up 7.8 per cent at $81.42.
Gold miners were in favour after a bounce in prices for the precious metal - Newcrest Mining added 2 per cent to $22.97.
Diversified commodities giant BHP Billiton closed 0.9 per cent higher at $21.11.
An investigation into the fatal dam collapse at its Samarco mine in Brazil last year has found the disaster was caused by a range of construction and design flaws.
It found a change in the dam's design in 2011 and 2012 resulted in less efficient drainage.
At least 19 people died in the disaster.
Elsewhere, Slater and Gordon tumbled by 15.2 per cent to 47.5 cents after the law firm reported a full-year loss of $1 billion.
The result was hit by impairment charges due to its disastrous acquisition of the UK insurance business Quindell.
The firm also restated its 2015 profit, cutting it by $20 million.
The online surf shop Surfstitch more than halved its share price in a day, down 54.4 per cent to 11 cents.
It posted a full-year net loss of $155.4 million.
To economic news, and there are signs the economy is in better shape than expected, after a surprise surge in new residential construction permits.
Bureau of Statistics figures show total building approvals rose by more than 11 per cent last month, driven by a 23 per cent jump in permits to build apartment blocks.
Westpac said it is the second highest result on record, and builds on a record high for building approvals last year.
To currencies, and the dollar was unmoved by the building figures.
Checking commodities, and oil prices were steady; Brent crude was fetching $US49.25 a barrel.
Spot gold was slightly weaker around $US1,321 an ounce.
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