The Australian stock market made marginal improvements on Friday after dealing with four consecutive negative sessions since the opening of the week. The ASX index closed slightly higher today with 0.32% as the latest US economic data on jobless claims showed positive signs of meekly growing markets.
The local Australian market marked a fairly good performance and the market condition was far better than it was in the previous session due to failure of Australian political parties to form a stable government.
Shares of Suncorp amongst the big four banks were up by 9% while Westpac stocks rose by 2%. ANZ shares dropped by 3%, National Bank shares were up 4% and Commonwealth Bank added up in the gains.
BHP Billiton and Rio Tinto stocks marked losses as BHP dipped by 0.2%.
Australian dollar declined by 1.2% for the month of August taking cues from the hung parliament.
Australia's benchmark S&P/ASX 200 index rose slightly after ending flat for four consecutive days. Australian investors were indifferent toward the political developments; however, they are keen to know the election results which will be revealed soon. Primary poll outcomes resulted in dipping of the Australian dollar as the currency was trading lower throughout the week.
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