Market gains dampened by weakening financial stocks


July 01, 2016 18:02:03

The local share market has recovered most of its losses since last week’s Brexit result, but some gains made this morning faded during the afternoon thanks to a sell-off in financial stocks.

The All Ordinaries Index closed 16 points higher at 5,327, while the ASX 200 closed at 5,246 — an increase of 13 points.

The big four banks recorded losses.

The Commonwealth Bank lost 54 cents to $73.83, Westpac was down 12 cents to $29.28, ANZ dropped 17 cents to $23.95 and NAB lost slightly less to close at $25.27 cents.

Resources and energy stocks led the morning’s rally thanks to better commodity prices.

BHP lifted 44 cents to $19.09, Rio Tinto gained 57 cents to $46.07 and Newcrest rose $1 to close at $24.

Woodside, however, dropped 20 cents to $26.64.

There were also big swings in the media sector.

The Seven Group lifted 34 cents to finish at $6.35 and the Ten Network gained 4 cents to close at 94 cents, but Fairfax lost 3 cents to close at 89 cents.

In commodities, at about 5:00pm (AEST) gold was still making gains at $US1,331 an ounce, West Texas crude was slightly lower at $US48.22 a barrel and iron ore had gained ground to reach $US54.20 a tonne.

The Australian dollar was buying 74.6 US cents.









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