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. 14.11.2018
    14.11.2018
    by      In
    Although Australia’s small and medium-sized businesses generate employment, drive innovation and boost competition, it has always been difficult for them to get credit finance from banks, especially in the past few months, due to the royal commission into financial services, stricter loan... Read More
  2. 01.11.2018
    01.11.2018
    by      In
    The growth of the manufacturing sector continued through October 2018, with the Ai Group’s Performance of Manufacturing Index holding firm at 58.3, just a tick below September’s rating of 59. The 25th consecutive month of PMI ratings above 50 (indicating growth) comes with further encouraging... Read More
  3. 22.10.2018
    22.10.2018
    by      In
    St.George Banking Group, UNSW Sydney and the Advanced Manufacturing Growth Centre (AMGC) are teaming up to advance Australian research and accelerate the introduction and commercialisation of new manufacturing technologies.
    The alliance brings together three different strands of the national... Read More
  4. 09.10.2018
    09.10.2018
    by      In
    Integrated Office Solutions has an intriguing proposition for any company (manufacturing or otherwise) that is experiencing difficulties recruiting and retaining staff in roles that are not location dependant. Why not outsource the roles or set up a team in a country where skills are plentiful and... Read More