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April 23rd, 2013 
Peter Nolan
Posted
The Australian market has finished the day higher after shrugging off concerns about China’s demand for commodities.
The All Ordinaries Index climbed to 5,003 points, up 1 per cent, while the ASX 200 index closed 50 points higher at 5,016 points.
Mining was the only sector to lose ground, faltering after the release of HSBC’s Flash Purchasing Managers’ Index (PMI).
The index, which measures activity in China’s manufacturing sector, fell to a two-month low of 50.5 in April.
That figure is down from 51.6 in March and only slightly higher than the 50 per cent mark separating expansion from contraction.
Losses in the mining sector then accelerated after the release.
BHP Billiton finished the session 1.1 per cent lower, while Rio Tinto fell 2.3 per cent.
However, it was a stellar session for oil and gas giant Woodside Petroleum.
The stock finished nearly 10 per cent higher after the company announced it would spend over $US520 million on a special dividend for shareholders.
Rival Santos also got a lift on the news; it closed 3 per cent higher.
Shares in Virgin Australia took off on the market as well, leaping 4.6 per cent after the corporate watchdog cleared its takeover of Tiger Airways.
Australia’s major banks finished stronger, with ANZ the best performer – up 2.4 per cent.
Telstra finished the session 1.7 per cent higher at $4.84.
In commodities, West Texas crude was fetching $US88.81 a barrel, while Tapis crude was $US104.84 a barrel.
The gold price continues to edge higher after hitting a two-year low last week; it was sitting at $US1,413 an ounce.
The Australian dollar hit a session low of 102.21 US cents after the HSBC data, but was trading at 102.34 at 5:15pm (AEST).
The dollar was also lower against other major currencies, trading at 67.04 British pence and 78.29 euro cents.
Topics:
markets,
industry,
business-economics-and-finance,
international-financial-institutions,
australia
Source Article from http://www.abc.net.au/news/2013-04-23/market-shrugs-off-chinese-commodity-concerns/4647044
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