Oct 10 Australian shares rose on Monday as
investors count down to the second of three presidential debates
between Democratic nominee Hillary Clinton and Republican rival
The S&P/ASX 200 index rose as much as 27.3 points,
or 0.5 percent, to 5,494.7, its highest in over a month.
Clinton leads Trump by 5 percentage points among likely
voters, according to the Reuters/Ipsos national tracking poll
Trump, facing eroding support from his party over lewd
remarks about women, goes into the presidential debate needing
to demonstrate he remains a credible candidate.
"A Trump victory, if it were to occur, would seem as a bit
of a risk to markets, so now there is probably a relatively
lower probability," said Heuristic Investment Systems co-founder
"So, to the extent that the probability of a victory there
has been diminished then yes I guess it is marginally positive
for markets," Hennessy added.
Stocks were also weighed by news the U.S. economy created
156,000 jobs last month, shy of the estimate for 175,000, while
the unemployment rate ticked up to 5 percent. The slowdown was
not expected to prevent the Federal Reserve from raising
interest rates later this year.
Financial stocks and materials accounted for about three
quarters of the gains on the S&P/ASX 200 benchmark. Australia's
"Big Four" banks climbed from 0.4 percent to 1 percent.
Global miner BHP Billiton gained as much as 1.4
percent, while its spin-off South32 rose 3.3 percent
before paring gains.
Gold miners Newcrest Mining Ltd, Evolution Mining
Ltd and Northern Star Resources Ltd rose
between 1-2 percent on gold prices. Spot gold was up 0.41
percent as at 2335 GMT.
Bucking the trend, energy companies Santos Ltd and
Beach Energy Ltd dragged the energy benchmark
lower after oil ended down 1 percent on Friday, snapping a
week-long OPEC-fueled rally.
New Zealand's benchmark S&P/NZX 50 index slipped for
a fifth straight session, down 0.28 percent or 20-points, at
Declining issues outpaced advancers on the New Zealand
exchange by a 1.8-to-1 ratio.
Industries were the biggest drag on the benchmark, with
Property For Industry Ltd and Auckland International
Airport Ltd among top losers, falling about 2 percent
For more individual stocks activity click on STXBZ
(Reporting by Justin George Varghese; Additional Reporting by
Shashwat Pradhan in Bengaluru; Editing by Eric Meijer)