Shares extend gains with strong start
June 21 (AAP) The Australian share market has resumed its winning run as investors eye record gold prices and China's announcement that it will let its currency strengthen. The Australian dollar has already risen on the Chinese move.
In early trade, the benchmark S&P/ASX200 index rose 64.6 points, or 1.4 per cent, to 4638.7 and the All Ordinaries gained 63.4 points, or 1.4 per cent, to 4637.5.
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''Clearly gold is being used as a historical hedge against inflation and of recent times, it’s a hedge against volatility,'' Mr Boubouras said.
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In major corporate news this morning, the search goes on formissing Australian miners and other passengers on board a plane which crashed on a flight between Cameroon and Congo. Those missing include mining magnate Ken Talbot and other executives from iron ore miner Sundance Resources.
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China's plans
The Chinese central bank announced that it would end its two-year peg to the US dollar one week before the Group of 20 summit in a move that will defuse tensions at the summit and shift the spotlight back onto Europe's sovereign debt issues, CommSec chief economist Craig James said.
The Australian dollar gained on the news, rising in recent trading to 88.1 US cents, 59.3 pence, 70.9 euro cents and 79.7 yen.
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Offshore markets
US stocks rose for a fourth straight day on Friday, led by shares of minerals companies after gold prices settled at another record high.
Gold settled at a record high for a second consecutive day.
That lifted shares of mining companies like Barrick Gold and Newmont Mining.
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The Dow Jones Industrial Average closed up 16.47 points, or 0.16 per cent, at 10,450.64 points.
The Standard & Poor's 500 index closed up 1.47 points, or 0.13 per cent, at 1,117.51 points.
The Nasdaq composite index closed up 2.64 points, or 0.11 per cent, at 2,309.80 points.
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Gold, oil
Gold for August delivery rose $US9.60 to settle at $US1,258.30 an ounce, a record close, after earlier rising to $US1263 an ounce.
Silver for July delivery rose 40.8 US cents to settle at $US19.184 an ounce, while July copper settled down 2.15 US cents at $US2.884 a pound.
Oil prices ended higher on Friday, supported by a weak US dollar and on the back of expectations that the global economic recovery would not falter.In addition, prices were supported by a surprise drop in US petrol inventories that suggested strengthening energy demand.
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need2know
The Australian dollar rose above 88 US cents
SPI200 futures were up 6 to 4566 points
Wall Street ended the week with modest gains
Oil futures rose above $US77 a barrel
Gold futures posted a record close of $US1258 an ounce
Business events for this week
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"Mogi" Munkhdul Badral
CPS Mongolia
Email: mogi@cpsmongolia.mn
Mobile: +976-99996779
CPS Mongolia is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based ASX Licensed Financial Services Company. To trade ASX stocks, feel free to contact me at mogi@cpsmongolia.mn or +976-9999-6779.
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