AS51

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Australian equities advanced to their highest level in 19 months on January 1, as U.S. lawmakers made a budget deal to avert spending cuts and tax hikes. Gains in Australian shares were mostly led by top miners, as U.S. budget deal erased concerns on possible recession in the nation's economy. The S&P/ASX 200 index rose 1.23%, or 56.99 points, to 4,705.94. The benchmark index gained 14.6% in the year 2012. All sectors within the index edged higher. Basic materials, technology and telecommunications were the best performing sectors with their shares adding 2.45%, 2.17% and 1.59%, subsequently. Gindalbie Metals Ltd surged 12% to A$0.28, after its first shipment of magnetite concentrate from Karara to China, the first shipment of magnetite from Western Australia. Paladin Energy was the leading company, as its shares advanced 10.2%, pacing gains in the shares of basic materials group. Meanwhile, Buru Energy Ltd posted biggest losses in the index dropping 5.42%, capping further advancements in the oil and gas sector.

© Dukascopy Bank SA
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