ASX Approaching 10-year Highs

The ASX looks like hitting new 10-year highs today after a solid 26 point gain in futures trading overnight Friday. This is despite the escalation of the China-US trade war which many analysts still claim could damage Australian exports to China. But so far the market and investors have ignored those fears and the ASX has risen strongly (up 7.6% in the June quarter alone and 3.4% in the month of June), most likely in response to the falling local currency.

For the week the ASX 200 added 1.3% as Telstra (TLS) shares rose nearly 6.9% for the week and 1.4% on Friday. The banking sector also continued its recovery, as Commonwealth Bank (CBA) was up 3.8%, ANZ Bank (ANZ) shares added 2.6%, Westpac (WBC) shares rose 1.6% and National Australia Bank (NAB) shares were up 2%.

Onto commodities, and gold ended with a small gain, but iron ore, copper, gas and other industrial commodities weakened. The Aussie dollar scrambled back above 74 US cents on Friday night to around 74.30 US cents as the greenback proved a bit weaker on the day. The Aussie rose 0.3% over the week against the greenback.

Data Releases:

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This article was written by Shannon Rivkin - Investment Director, Rivkin Securities Pty Ltd. Enquiries can be made via or by phoning +612 8302 3633.

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This article contains information about foreign exchange contracts, which are considered complex financial products. Please click here to read ASIC's foreign exchange trading article before considering an investment in foreign exchange contracts. 

This article contains information about CFDs, which are considered complex financial products. Please click here to read ASIC's "Thinking of trading contracts for difference?" document before considering an investment in CFDs.
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