PERTH: The Australian sharemarket ended the day slightly higher as investors held fire pending the announcement of US employment data tonight and the reopening of Chinese sharemarkets on Monday.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index had ticked up 12.8 points, or 0.25 per cent, to 5040.6, while the broader All Ordinaries had gained 12.1 points, or 0.24 per cent, to 5060.8.
The positive session still left the benchmark index down 4.3 per cent for the week, with earlier losses largely driven by concerns over China’s sharemarket volatility and also weakening economic data from the communist giant.
China’s stockmarkets were closed for a second straight day today due to WWII commemorations. European sharemarkets had enjoyed a strong rebound overnight while Wall Street was mixed.
IG chief market strategist Mark Weston said traders had been massaging portfolios ahead of tonight’s US non-farm payrolls report, with “no clear rhythm or reason” behind today’s moves.
“[I]t’s now all down to the US labour market to set the tone for risk appetite going forward,” Mr Weston said, adding that markets were currently pricing in a 30 per cent probability of a September interest rates hike from the Federal Reserve.
Materials stocks were 0.93 per cent stronger for the session after the price of iron ore remained within US60c of a two-month high in overnight trading on Thursday.
BHP Billiton lifted 1.52 per cent to $24.69 while Rio Tinto added 0.99 per cent to $49.76.
