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Australian market see strong gains

Updated: 04 21 , 2017 10:36
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SYDNEY, April 21 -- The Australian market is higher on Friday, with support coming from financial and mining stocks.

At 10:45 (AEST), the benchmark S&P/ASX 200 index was up 43.30 points or 0.74 percent at 5,864.70, while the broader All Ordinaries index rose 41.00 points or 0.70 percent at 5,895.30.

"Banks are doing well and we have materials putting a lot of points back into the market as well," IG chief market strategist Chris Weston told Xinhua.

"We are a pretty simple market, If you have those sectors doing well, we are going to higher."

It appears iron ore futures trading in China has stabilized giving the big minors a lift.

However Weston said, "the energy sector is getting a little left behind today" with oil prices slightly lower overnight.

The Commonwealth Bank lifted 0.93 percent, National Australia Bank surged 1.74 percent,

Westpac added 1.14 percent and ANZ gained 1.21 percent.

Rio Tinto climbed 2.39 percent, BHP Billiton rose 1.73 percent, Fortescue Metals saw huge gains at 4.63 percent and Newcrest Mining was up 0.47 percent.

Woodside Petroleum fell 1.10 percent, Santos added 1.40 percent and Oil Search was higher at 0.63 percent.

Wesfarmers slipped 0.61 percent and Woolworths was down 0.34 percent.

Telstra dipped 0.12 percent, Qantas lifted 0.76 percent, while CSL is higher at 0.48 percent.

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