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Aust shares close higher

Reported by AAP
Wednesday, October 1, 2014
Topics in this article:
Australia And New Zealand Banking,Bhp Billiton,Commonwealth Bank Of Australia.,Fortescue Metals ,National Australia Bank,Rio Tinto,Westfield,China Magnesium Corporation Limited
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

The Australian stock market bounced back after a weaker opening as bullish investors decided that it had fallen far enough in recent weeks.

The ASX200 lost 6.4 per cent in value in September but has risen the last two days.

The 0.8 per cent rise on Wednesday came despite weak overnight leads from the US and Europe and regional Asian markets falling during the day.

CMC Markets chief market analyst Ric Spooner said the price falls had made the yields on high dividend paying companies including the big banks and Telstra attractive again.

"It is pretty appealing if you don't think we're in a disaster scenario," he told AAP.

The biggest rise out of the 20 largest stocks was Westfield shopping centres owner Scentre, which rose 10 cents, or 3.1 per cent, to $3.38.

The Commonwealth Bank was 91 cents higher at $76.20, while ANZ gained 51 cents to $31.43, National Australia Bank lifted 29 cents to $32.83 and Westpac was up 32 cents at $32.46.

Resources sector stocks mostly fell as it emerged that raw materials prices had posted their worse quarter since 2008.

BHP Billiton finished 12 cents higher at $33.99, Rio Tinto fell 32 cents to $59.26 and Fortescue Metals declined two cents to $3.46.


* At the close on Wednesday, the benchmark S&P/ASX200 index was up 41.3 points, or 0.78 per cent, at 5,334.1 points, according to preliminary figures.

* The broader All Ordinaries index was up 37.7 points, or 0.7 per cent, to 5,334.5 points.

* The December share price index futures contract was up 39 points at 5,322 points, with 37,585 contracts traded.

* National turnover was 1.7 billion securities worth $4 billion.

01/10/2014 22:13Sydney, Australia. 1 October,2014