Markets Live: Miners Lead ASX Rebound


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Australian shares surged on Friday to cement a third straight session of gains and a weekly advance, with a 37 per cent rise in A2 shares the standout move over the week.

The S&P/ASX 200 index rose 48 points, or 0.8 per cent, to 5999 while the All Ordinaries advanced 47 points, or 0.8 per cent, to 6105. The Australian dollar traded at US78.21¢.

Miners were the strongest performers by sector on Friday, with BHP ending the session up 1.6 per cent at $30.68, South32 rising 6.7 per cent to $3.35 and Newcrest Mining up 2.1 per cent at $22.12.

Banks were also stronger, with CBA up 1.1 per cent at $75.46 and Westpac higher by 0.9 per cent at $30.49.

Over the week, the ASX climbed 1.6 per cent, moving higher in four out of five sessions. It was the third week in four that the ASX had notched a weekly gain of 1.1 per cent or more.

"Australian shares saw good gains with solid profit results helping support the Australian share market," AMP Capital's head of investment Shane Oliver said.

"The December half profit reporting season is around 90 per cent done and has been pretty good," he noted, with 46 per cent of results have exceeded expectations, a better result than average - where 44 per cent of results normally exceed expectations.

Investors were particularly keen on results from A2 Milk and Altium this week, pushing those firms to a 30 per cent-plus weekly gain, with A2 higher by 37 per cent to $11.77 and Altium rising 35.1 per cent to $20.07.

Seven West Media shares were almost as strong, with the media firm jumping 30.6 per cent to 64¢ over the five-day period while rival commercial broadcaster Nine Entertainment climbed 27.8 per cent to $2.07. Both firms released earnings during the period.

Travel firms also did well on a weekly basis, with Webjet lifting 23 per cent to $11.78, Corporate Travel Management gaining 20.2 per cent to $25.27 and Flight Centre rising 15.9 per cent to $56.31 after releasing earnings.

Some companies couldn't join in the weekly advance, with WiseTech Global dropping 16.6 per cent to $11.54 after updating investors on its performance.

Platinum shares fell 11.8 per cent to $6.90 on Friday when investors took their first chance to react to the news that CEO and founder Kerr Neilson will hand over the reins of the asset manager to Andrew Clifford in July.

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