Market gains dampened by weakening financial stocks
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.