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Category: Urban Development and Planning / Gold / Banking / Oil and Gas / Currency

Market closes high despite RBA's apartment development warning

Friday, 15 Apr 2016 16:31:12 | Liz Hobday

The Australian Stock Exchange board in Sydney on February 27, 2013. (AAP: Dean Lewins)

The local share market has closed the week at its highest levels so far this month.

The All Ordinaries gained 36 points to 5,224 and the ASX-200 lifted 38 points to 5,157.

China's GDP has slowed as predicted, but other figures have proved better than most expected.

And the Reserve Bank released its half-yearly snapshot of the financial system, which warned the growth in big city apartment developments has become a key risk to Australia's financial system.

Property group Lendlease was off 28 cents to $13.02 and developer Stockland gained 5 cents to $4.30.

Meanwhile, Rio Tinto has expanded its agreement with China's Sinosteel after almost 18 months of negotiations. Rio's shares lost 40 cents to $48.20.

BHP gained 41 cents to $19.28 and Woodside gained 51 cents to $26.14.

Commonwealth Bank gained 29 cents to $75, Westpac gained 17 cents to $30.90, ANZ lifted 8 cents to $23.85 and NAB gained 3 cents to $26.76.

At about 5:00pm AEST, West Texas Crude Oil was just off its highest levels for this year at $US41.40 a barrel, ahead of a major meeting of oil producing nations in Doha.

Iron Ore was lower at $US58.60 a tonne and gold was a touch higher at $US1,231 an ounce.

The Australian dollar was buying just above 77 US cents.

AustraliaPlus


 

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