CANBERRA: The share market remains at a 16-month high after a quiet holiday session in which early weakness was reversed by gains among banks and retailers. The benchmark S&P/ASX200 index gained 0.25 per cent to 5,699.1 points, its highest close since July 31, 2015. Weakness in the property sector dragged the market lower in morning trade, but the main indices returned to positive territory as the big banks and supermarket giants rose in value. Trading volumes were much lower than normal, with less than $3 billion worth of shares changing hands.
Gold miners were the best performers after a rise in the precious metal’s price, with Newcrest Mining adding 3.4 per cent to $19.26, Northern Star jumping 5.1 per cent to $3.48, and Evolution Mining gaining 5.2 per cent to $1.93. The property sector weighed on the market, with GPT Group dropping 2.4 per cent to $4.97, Mirvac shedding 2.3 per cent to $2.13, and Stockland losing 2.6 per cent to $4.53.
After a slow start to the day, the four major banks all made gains, with National Australia Bank the best performer, gaining 1.1 per cent to $31.00. Woolworths continued to rise after announcing the sale of its petrol business to BP, adding 18 cents to $24.49, while Coles owner Wesfarmers was 27 cents stronger at $42.80. Rio Tinto gained 56 cents to $60.74 and BHP Billiton added 6.0 cents to $25.50. Overnight, US stocks fell amid low volumes in a broad decline triggered in part by a sharp drop in home resales. The Dow Jones Industrial Average fell 0.56 per cent and the S & P 500 lost 0.84 per cent.
