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ASX Review: CBA Leads Bank Rally on ASX

ASX Review: CBA Leads Bank Rally on ASX
May 29, 2015 By Imran Valibhoy

The ASX was up 64.1pts, or 1.10 per cent, at 5777.2pts on Friday. The influential Financials sector led the charge on Friday, rising 1.42 per cent. All indices were up across the board, with Energy and Metals and Mining both rising 1.26 per cent.

Australian shares jumped in the opening minutes of trading. The ASX peaked around 11:30am before following a partial downward trend into the afternoon. The shares market rose again and remained and elevated levels for most of the day. In the final half-hour of trading, the ASX slipped partially just before closing.

US and European markets retreated over Greece fears. The Dow Jones was down 0.20 per cent and the S&P 500 was down 0.13 per cent. In Europe, the DAX fell 0.79 per cent but the FTSE 100 rose 0.11 per cent.

Japanese markets have shook off negative international sentiment and continue to rise. The Nikkei 225 is up 0.14 per cent near the end of trading on Friday. The Hang Seng has recovered partially after a sharp selloff in Chinese markets on Thursday. It is up 0.15 per cent while the Shanghai Composite is down 0.40 per cent so far on Friday.

National Australia Bank (ASX:NAB) was up 88c, or 2.63 per cent, at $34.32 per share. NAB and CBA led the gains in Financials on Friday

Commonwealth Bank of Australia (ASX:CBA) was up $1.59, or 1.90 per cent, at $85.09 per share. As a percentage of the share price, CBA came in second amongst gains in the major Australian banking giants. Considering the size of CBA, its gains had the largest impact.

Origin Energy (ASX:ORG) was up 49c, or 3.82 per cent, at $13.31 per share. Energy shares experience significant gains on Friday. Origin also benefitted after it was given back over $300m from one of its majority owned companies. 

Senex Energy (ASX:SXY) was up 1.5c, or 4 per cent, at 39c per share. Senex also experienced strong gains on the back of the Energy sector rally on Friday. Brent Crude oil traded up to US$63 per barrel overnight.

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Imran Valibhoy Author: Imran Valibhoy May 29, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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