Share market closes high despite RBA's apartment development warning

The local share market has closed the week at its highest levels so far this month.

The All Ordinaries gained 36 points to 5,224 and the ASX-200 lifted 38 points to 5,157.

China's GDP has slowed as predicted, but other figures have proved better than most expected.

And the Reserve Bank released its half-yearly snapshot of the financial system, which warned the growth in big city apartment developments has become a key risk to Australia's financial system.

Property group Lendlease was off 28 cents to $13.02 and developer Stockland gained 5 cents to $4.30.

Meanwhile, Rio Tinto has expanded its agreement with China's Sinosteel after almost 18 months of negotiations. Rio's shares lost 40 cents to $48.20.

BHP gained 41 cents to $19.28 and Woodside gained 51 cents to $26.14.

Commonwealth Bank gained 29 cents to $75, Westpac gained 17 cents to $30.90, ANZ lifted 8 cents to $23.85 and NAB gained 3 cents to $26.76.

At about 5:00pm AEST, West Texas Crude Oil was just off its highest levels for this year at $US41.40 a barrel, ahead of a major meeting of oil producing nations in Doha.

Iron Ore was lower at $US58.60 a tonne and gold was a touch higher at $US1,231 an ounce.

The Australian dollar was buying just above 77 US cents.

Source: ABC News

Leave a Reply

Your email address will not be published. Required fields are marked *