Market Update: The S&P/ ASX200 climbed for a fourth straight session to be up 0.7% at 5,258 points largely boosted by a rise in the banks
Market Update: The S&P/ ASX200 climbed for a fourth straight session to be up 0.7% at 5,258 points largely boosted by a rise in the banks. ANZ was up 2.4% after it announced a 13% increase in 1Q14 cash net profit. The other major banks were higher between 1.5% and 1.8%. Macquarie Group fell 3.4% in contrast after the company said in its operational briefing that M & A activity remains subdued. Resources were mixed with RIO down 0.5% while gold stocks were strong with Perseus Mining jumping 9.3% and Silver Lake Resources gaining 3.8%. Cochlear dropped 9.6% after half year profit dived 73% and another profit downgrade for the second half of the year. Bradken plunged 10.0% as it also issued a profit warning. The AUD broke through USD 0.90 after house prices rose. It is currently trading at USD 0.9008.
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