none

INSURERS FALL AS STORMS LASH EAST COAST BUT ASX SHARES CLOSE HIGHER

07-06-2016
by 
in 

As rising iron ore and gold prices boot mining stock, the Australian shares have closed at a high. Insurers however, were amongst the losers after the powerful storms this past week.

The All Ordinaries Index rose 0.7 per cent to close at 5,431 and the ASX 200 Index added 0.8 per cent to finish on 5,360.

Gold has hit a two-week high after a rate increase by the US Federal Reserve dimmed.

St Barbara surged 15.3 per cent to $3.02, posting the second biggest gain on the ASX 200, while Newcrest Mining climbed 11.6 per cent to $22.06, its highest price since March 2013.

Spot gold traded lower at $US1,241 an ounce.

The Commonwealth Bank held a 1.1 %jump to $76.60, while ANZ went down 0.5 per cent to $24.96.

The big insurers were hit hard because of the storms that battered the coastal areas of Sydney.

Insurance Australia Group was among one of those hit with loss, down 2.2% to $5.72, while Suncorp fared little better, down 1.7 per cent to $12.56.

The dollar was lower against the greenback, at 4:40pm AEST it was buying 73.3 US cents.

Against other major currencies, it was fetching 64.6 euro cents, 78.4 Japanese yen and 51 British pence.

In commodity trade, oil prices were slightly higher with Brent crude up more than 0.7 per cent to $US50.02 a barrel.

 

Related news & editorials

  1. 11.07.2018
    11.07.2018
    by      In
    “The National Electricity Market is largely broken and needs to be reset,” said ACCC Chair Rod Sims in launching the final report of the Australian Competition & Consumer Commission’s Retail Electricity Pricing Inquiry.
    Sims went on to acknowledge that: “Previous approaches to policy,... Read More
  2. 05.07.2018
    05.07.2018
    by      In
    The Department of Industry, Innovation & Science has released the second in its series of three Industry Insights reports for 2018 - Globalising Australia. The report, which comes from the department’s Office of the Chief Economist, concludes that future growth opportunities will come from... Read More
  3. 02.07.2018
    02.07.2018
    by      In
    Australian manufacturing has continued its run of month on month growth, with the Ai Group’s Performance of Manufacturing Index sitting steady at 57.4 for June 2018. This marks the 21st consecutive month of growth, which is the longest such run since the 50 continuous months recorded from July 2001... Read More
  4. 27.06.2018
    27.06.2018
    by      In
    Small Business Minister Craig Laundy MP has named the recipients of the latest round of commercialisation grants under the Federal Government’s Entrepreneurs' Programme.
    Grants worth more than $3.2 million have been offered to help six Australian businesses with commercialisation activities to... Read More