All Ords hits a near decade high

Christian Edwards
(Australian Associated Press)

Gains in all but one sector of the share market have lifted the All Ordinaries index above 6,000 points for the first time since the global financial crisis.

The All Ordinaries index was up 0.5 per cent at 6,005.5 points at 1630 AEDT, its highest level since May 2008, and the benchmark S&P/ASX200 index gained 0.5 per cent to 5,937.8 points.

Macquarie division director Martin Lakos said there was nothing magical about the All Ordinaries breaching 6,000 points, but it indicates the positive momentum could continue.

“Most important is what the catalysts for momentum are and all the indicators in this regard are moving in the right direction,” he said.

Energy producers set the pace for the market’s gains, as oil prices hit 24 month highs.

Origin Energy was 1.8 per cent higher at $8.08, Santos also gained 1.8 per cent, to $4.58, and Woodside Petroleum was 1.2 per cent stronger at $31.11.

Oil Search fell three per cent to $7.16 after buying a $522 million stake in Alaskan oil, adding diversity to its Papua New Guinea interests.

BHP spin-off South32 led the gains for the mining sector, adding 3.9 per cent to $3.50, while BHP gained 1.5 per cent to $26.95, Rio Tinto rose 0.8 per cent to $70.01 and Fortescue Metals was 0.9 per cent stronger at $4.68.

The big four banks also rose, with their gains ranging from National Australia Bank’s 0.7 per cent to Commonwealth Bank’s 0.05 per cent.

Myer shares tumbled 4.6 per cent to 73 cents after the retailer dumped sales targets for its turnaround plan after another slide in quarterly sales.

Domino’s Pizza shed 2.9 per cent to $45.23 as the Fair Work Commission terminated existing enterprise agreements, which could lead to a rise in the company’s labour costs.

The Australian dollar is weaker against the US dollar after the release of weaker-than-expected Chinese manufacturing data.

The local currency was trading at 76.61 US cents at 1630 AEDT, down from 76.80 US cents on Tuesday.

ON THE ASX:

* The benchmark S&P/ASX200 index was up 28.8 points, or 0.49 per cent, at 5,937.8 points at 1630 AEDT.

* The broader All Ordinaries index was up 29.1 points, or 0.49 per cent, at 6,005.5 points.

* The SPI200 futures contract was up 32 points, or 0.54 per cent, at 5,920 points.

* National turnover was 5.1 billion securities traded worth $6.6 billion.

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