ASX Market Wrap – 22nd July 2013
ASX200 jumped higher and then traded slightly lower over the course of the day, closing up 0.6% at 5002 while the Small Ords was up strongly 1.5%. It was the highest close in over two months.
Across the sectors, Metals & Mining rose 1.4% while Energy and Materials rose 1.1% and 1.0% respectively. Cons Staples, ITand Cons Disc rose 0.8% while Financials and Telecoms rose 0.7% and 0.6% respectively. The smallest gains came fromHealthcare and Utilities up 0.4% and 0.1%. The only sectors in the red were Property and Industrials down -0.3% and -0.4% .
Market Movers and Drivers
The local market had from the follow on effect of the relaxed lending rules in China and its effect on commodity prices flowing on to local resource stocks.
Gold jumped to a one month high on reduced Fed tapering expectations
Significant Market Moves
The major banks closed higher, with ANZ rising 0.3% to $28.91, CBA ended 0.6% up at $71.88, WBC gained 0.5% to finish at $29.40 and NAB closed 0.2% higher at $30.41.
The big miners BHP and RIO drove up the market, gaining 0.8% and 0.6% to close at $34.12 and $56.55 respectively, while ORGcontinued its rise, up 1.3% on news it will expand its NT gas interests while WPL also rose 1.3%.
QBE lead the portfolio up 2.2% and WES was up 1.3% with CSL also up 1%. WOW and TLS both rose 0.6% while WDC rose 0.4%.
On the downside, SHL fell -0.8% and CPU fell 0.6% while FOX and TCL both fell slightly down -0.1%.
Overall, in the ASX 100, biggest gain came from OZ Minerals was up 8.7%, while Leighton fell -5.1% on news of Hochteif raising its stake in LEI to 54.96%.
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