Local shares have run out of puff, despite very strong leads from offshore markets on Friday.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.34 to 5,185.5 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.4% to 5,142.7 points
- AUD/USD at US 75.5 cents
- Iron Ore at US$57.09 a tonne, according to Metal Bulletin
- Gold at US$1,250.15.07 an ounce
- Brent oil at US$40.47 a barrel
The Dow Jones and S&P 500 indices rose 1.3% and 1.6% respectively, while some European markets saw gains of more than 3%. But despite a strong start at the open, the rally on the ASX faded out.
Telstra Corporation Ltd (ASX: TLS) buoyed the ASX, following strong gains on the US and European markets on Friday. The telco saw its share rise 2.3% after canning plans to build a wireless network in the Philippines.
The big four banks also posted gains of between 0.4% and 1.4%.
Energy shares were higher with Santos Ltd (ASX: STO) up 3.4% to $3.99 and Origin Energy Ltd (ASX: ORG) up 2.6% to $5.20 after the International Energy Agency (IEA) said it was seeing signs that the oil price may have bottomed.
Macquarie Group Ltd (ASX: MQG) also posted a strong gain, rising 2.8% to $68.85.
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