Shares start financial year higher: Afternoon market insights

Shares start financial year higher: Afternoon market insights

The sharemarket began the financial year stronger, posting solid gains after strong overseas leads.

At 2.30pm the ASX200 was up 1.05% to 4137.7 while the broader All Ordinaries index gained 1.01% to 4177.1.

All major stocks were higher, though David Jones sank 5.41% before being placed into a trading halt. As LeadingCompany went to press, news filtered through that EB Private Equity had withdrawn its proposal for David Jones. Its $1.6 billion takeover offer was revealed to the market on Friday, sending the department store’s share price up 19%.

Also going against the market was News Corporation, which lost 1.04% to 21.8.

Earlier, the Australian Industry Group/PwC performance of manufacturing index showed Australia’s manufacturing contracted for the fourth straight month in June.

The dollar fell from a two-month high over the weekend, ending the rally at $US1.02.

In the 2011-2012 financial year the market fell 11.1%.

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