US rate rise boosts market gains, ATO tax clarity prompts fallout

The euphoria surrounding the US rate rise meant healthy gains on the local share market this week.

The All Ordinaries Index finished five points higher today at 5,156, and the ASX 200 gained four points to 5,106.

The big banks had a mixed session with the Commonwealth gaining 88 cents to $81.57 and Westpac gained 10 cents to $32.28.

But the ANZ lost five cents to $26.48, while the NAB shed 16 cents to $28.78.

Resources and energy stocks were hit again by further falls in commodity prices.

Fortescue was among the worst performers — losing 6 per cent to $1.72.

Rio Tinto lost 90 cents to $42.46 cents and BHP slid 15 cents to $16.87.

In economics there was some fallout from the Australian Taxation Office's publication of corporate tax rates yesterday.

The Australian technology firm Technology One told the share market it was only on the list as paying less than the company rate because it was investing in innovation — exactly what the Federal Government wants.

Technology One shares lost three cents today to $4.89.

In commodities, West Texas crude oil is just under US$35 a barrel,

Iron ore is US$38.50 a tonne and gold is lower at US$1056 an ounce.

The Australian dollar has lifted, buying 71.4 US cents.

Source: ABC News

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