En­ergy still pow­ers on

The Gold Coast Bulletin - - BUSINESS -

BANK­ING and health care stocks lifted the Aus­tralian share mar­ket higher, while the en­ergy sec­tor also pushed ahead de­spite weak oil prices.

The bench­mark S&P/ ASX200 in­dex closed 31.3 points higher, or 0.53 per cent, at 5928.2 yes­ter­day while the broader All Or­di­nar­ies rose 0.57 per cent.

The lo­cal in­dices con­tinue to cor­rect after fall­ing more than 6 per cent in Oc­to­ber, but Bell Di­rect eq­ui­ties an­a­lyst Julia Lee said earn­ings growth has peaked and share mar­kets around the world will mod­er­ate from these lev­els.

Oil prices are down about 5 per cent this month, usu­ally an in­di­ca­tion global growth is slow­ing, Ms Lee said. De­spite weaker prices, the sec­tor had its third day in the black with Wood­side Petroleum, Oil Search and Ori­gin En­ergy all up be­tween 0.5 and 1.3 per cent.

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