The share market’s roller coaster ride has continued for a third day, posting its best session of the week to regain all of Thursday’s losses.
The benchmark S&P/ASX200 index gained 1.3 per cent, following Thursday’s 1.3 per cent fall and Wednesday’s 1.1 per cent gain.
Thursday’s losses were mainly due to the expiry of quarterly and monthly derivatives contracts, indicating a strong selling bent during the period.
Traders unsurprisingly were happy to buy on Friday.
“The market is a bit of a rollercoaster right at the moment, the pendulum swung a little bit too far to the sell side yesterday,” OptionsXpress market analyst Ben Le Brun said.
Every sector made gains, with the biggest rises in financial and healthcare stocks.
Commonwealth Bank added $1.27 to $84.47, National Australia Bank jumped 53 cents to $33.66, ANZ rose 39 cents to $32.76 and Westpac lifted 32 cents to $32.80.
In the health sector, CSL added $1.43 to $87.40 and Sonic Healthcare gained 41 cents to $21.62.
BHP Billiton was 44 cents higher at $28.41, Rio Tinto added 60 cents to $55.55 and Fortescue Metals rose three cents to $2.16.
South32, the new miner recently demerged from BHP, fell seven cents, or 3.5 per cent, to $1.96 amid speculation the looming impairment of its manganese business will be as much as $500 million.
KEY FACTS
* At the close on Friday, the benchmark S&P/ASX200 index was up 72.1 points, or 1.3 per cent, at 5,597 points.
* The broader All Ordinaries index was up 68.8 points, or 1.25 per cent, at 5,591.5 points.
* The September share price index futures contract was 75 points higher at 5,541 points, with 28,355 contracts traded.
* The price of gold in Sydney at 1700 AEST was $US1,200.10 per fine ounce, up $US12.40 from 1,187.70 on Thursday.
* National turnover was 2.5 billion securities worth $7.4 billion.
