Share market up as investors hope for US debt deal
The share market managed to eke out some tiny gains today, as investors Golden Goose Sale pin their hopes on a last-minute deal to avert a default in the United States.
The All Ordinaries index added five points to close at 5,264 and the ASX 200 index gained four points to finish on 5,263.
Mining stocks did the heavy lifting after yesterday's strong production report from Rio Tinto, with Rio adding another 1.4 per cent to close at $64.11 today.
Its main rival, BHP Billiton, added 1.1 per cent to hit $35.78 and iron ore miner Fortescue Metals added 2.7 per cent to reach $5.40.
Blood products maker CSL has warned at its annual general meeting that its profits will be lower than expected this year because of the settlement of an antitrust suit in the US.
The company now expects net profits to rise by 7 per cent this financial year if the nearly $41 million settlement is approved by the US federal court.
CSL also announced another big share buyback of $950 million worth of its stock. Its shares closed 1.4 per cent higher at $66.26.
Qantas lost 1.4 per cent to slump to $1.44.
Its chairman, Leigh Clifford, says his role at Qantas would not be affected by a UK investigation into alleged fraud by Barclays Bank while he was a director.
There are media reports that Barclays allegedly made secret payments to a Qatari investment company.
Mr Clifford says there is no suggestion the Barclays board or any individual director acted improperly.
Retail stocks finished broadly flat.
Shares for high-end fashion company Oroton closed 1.2 per cent higher at $5.11.
Oroton says it is in talks to run the Australian stores of the US clothing giant Gap.
In a statement released after the close of trade, Orogon Group says it is negotiating the terms of an exclusive franchise deal to develop the Gap brand in Australia, New Zealand and some Pacific islands.
In commodity trade, spot gold https://www.goldengooseshoesit.com/ eased throughout the day to hit $US1,280.50 an ounce by 5pm.
West Texas crude oil dropped to $US101.04 a barrel overnight and Tapis crude oil was fetching $US119.05 a barrel.
In currencies, the dollar is holding firm against the greenback.
Around 5pm AEDT it was buying 95.2 US cents, 70.4 euro cents, 93.7 Japanese yen and 59.6 British pence.