And something for the short brigade- no doubt

BUSINESS BREAKING NEWS

Higher iron ore, oil prices propel ASX

Derek Rose, Australian Associated Press

June 27, 2019 5:16pm

The Australian share market has rebounded from early losses to close higher, driven by gains in the price of iron ore and oil.

The benchmark S&P/ASX200 index finished up 25.8 points, or 0.39 per cent, to 6,666.3 points at 1615 AEST on Thursday, while the broader All Ordinaries was up 26.9 points, or 0.4 per cent, to 6,743.

"Today the market has done well to recover from where we were this morning," said CommSec market analyst Steven Daghlian.

No one really wants to commit too much, it seems, with Trump and Xi playing poker over the weekend.

The 26-point gain was the biggest move for the ASX this week, with traders apparently noncommittal ahead of a possible US-China trade deal - or not - at this weekend's G20 summit in Japan.

Thursday's gains would have been stronger but the property sector was down a collective 2.2 per cent as many trusts traded ex-dividend.

"A sea of red in that sector," Mr Daghlian said.

One exception was Westfield operator Scentre Group, which was up 1.5 per cent to $3.97 after announcing it had sold three Sydney CBD office towers for $1.52 billion - a 16 per cent annual rate of return - and announcing an $800 million share buyback.


And here is the juicy bit, with FMG in the star role:

The biggest gains came in the mining sector, up 1.5 per cent as a whole, and energy stocks, up 1.1 per cent, as the price of crude and iron ore rose overnight.

Mining giant BHP was up 1.9 per cent to $41.95 - close to its all-time high of $42.18 - while Fortescue Metals and Rio Tinto were both at 11-year highs, up 5.5 per cent to $9.18 and three per cent to $106.26, respectively.