Thanks Oscar and morning crew.
Half-time round-up:
The ASX rallied for the first time this week, paring its loss for a lacklustre month as upbeat Chinese factory data boosted mining stocks.
The ASX 200 rose 36 points or 0.6% to 5705 by the halfway mark of the last session of August, cutting its deficit for the month to 15 points. The index looked set to break a four-session losing run as traders picked up IT stocks +2.1%, health +1.1% and metals & mining +0.9%.
The metals & mining sector hit its highest point since February as China announced its official factory gauge defied expectations of a downturn as the government clamps down on lending. The manufacturing PMI improved to 51.7 this month from a reading of 51.4 in July. Analysts had predicted a mild deterioration to 51.3. A measure of services activity ticked down from 54.5 to 53.4 but remained well above the 50-point mark that divides growth from contraction.
Tempering index gains were declines in energy stocks -1.6% and gold -1.4%.
China's Shanghai Composite gave up 0.58% and Hong Kong's Hang Seng 0.67%. Japan's Nikkei added 0.7%. Dow futures were recently up 26 points or 0.12%.
Crude oil futures eased three cents or 0.07% this morning to US$45.93 a barrel. Gold futures shed $7.40 or 0.56% to US$1,306.70 an ounce. The dollar was buying 79.06 US cents.
Benchmark index has done nothing since the end of May. Doesn't mean much to day traders, but anyone with cash in index-related super funds should moderate their expectations. Trading: some wild action in yesterday's two big winners. I caught the bounce in DCC, missed OOK. Also traded KNM and ANG.
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- Afternoon trading Aug 31
Thanks Oscar and morning crew. Half-time round-up: The ASX...
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