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Evening Market Analysis: Modest Gains

Evening Market Analysis: Modest Gains

The Australian stockmarket edged higher today after a strong lead from international shares overnight.

 

The sectors closed mixed on the day; IT and energy stocks gained the most ground, with consumer staples and telcos the hardest hit.

The banking majors finished stronger; NAB was standout performer, adding 2.2%.

The big miners advanced on the day after most commodities’ enjoyed a price increase overnight; Rio Tinto and BHP rose 1.7% and 0.3% respectively.

Grange Resources put on 2% after announcing that it wants to sell at least a 30% interest in its $2.57 billion Southdown iron ore project in Western Australia.

Consolidated Media Holdings jumped 9.7% after receiving a $3.50 share conational takeover offer from News Corporation.

The ASX 200 climbed nine points (+0.2%) to settle at 4132.

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   Written by: marketpulse   Other posts from: marketpulse
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