Blue Chips Lead Bourse Higher
May 05, 2011
The All Ordinaries Index rose 18.3 to 2292.9 on volume of 301.9 million shares. Advancers outnumbered decliners 409 to 271. The September Share Price Index futures contract on the Sydney Futures Exchange closed at 2310, up from 2279 Thursday. Analysts said the market opened higher on the back of stronger overseas markets. The Dow Jones Industrial average climbed 0.8% Thursday, while the U.K. stock market hit a record-closing high. Michaele Greenleaf, of Shaw Stockbroking Ltd., said buying from overseas investors picked up later in the day. The equities market also performed well on the back of a strong futures market, he said. The bank and finance subindex rose 1.1%. Commonwealth Bank of Australia rose 17 Australian cents to 11.48 Australian dollars. The bank's installment receipts, which attract dividends as if they were fully paid shares, climbed 23 cents to A$7.39. The gold subindex added 0.6%. Broken Hill Proprietary rose 15 cents to A$17.64, and CRA Ltd. gained 30 cents to A$19.70. Niugini Mining jumped 25 cents to A$3.60 after it confirmed late Thursday that U.S.-based Battle Mountain Gold is in negotiations over the 49.5% of Niugini shares it doesn't already own.
