Aussie shares could be flying to ASX 6000

Shares traded higher again today as the market followed overseas leads to edge higher and keep the summer share market rally rolling on. So far in 2017 the market is up 2% with expectations that this rally may have room to run up to the 6,000 point mark with key U.S. and Australian earnings seasons just around the corner.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.2% to 5,771 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.2% to 5,824 points
  • AUD/USD up .2% to U.S. 73.4 cents
  • Iron Ore up 2% to US$80.20 a tonne, according to the Metal Bulletin
  • Gold up 1% at US$1,188 an ounce
  • Brent oil up 1% at US$56.31 a barrel

Once again it was the materials sector doing much of the heavy lifting for the S&P/ASX 200 with BHP Billiton Limited  (ASX: BHP)Rio Tinto Limited (ASX: RIO) and South32 Ltd (ASX: S32) all finishing in positive territory. Copper prices were especially strong overnight and with its price often seen as a proxy for global growth and inflationary pressures this could suggest more share market gains ahead as technical and moving average indicators turn bullish on the ASX.

Elsewhere, the baby formula sector was back in the headlines today after Bellamy’s Australia Ltd (ASX: BAL) revealed another large profit downgrade and dumped its CEO as a result of the problems the company owned up to today. While Bellamy’s shares fell around 20% its baby formula selling rival a2 Milk Company Australia Ltd (ASX: A2M) gained 9% as investors cheered the fact that the worst of the Bellamy’s news may now be out.


Attention investors: The Motley Fool's dividend expert Andrew Page has just released his #1 dividend stock for 2017. Chances are you've never heard of this little company, yet it's a fast-growing consumer favourite - with the shares up 155% in just the last five years! Even better, it's throwing off loads of cold, hard cash. As we speak, these shares are trading on 4.2% dividend yield, fully franked (6.0% gross). Making it a 'best bet' for growth AND income... No credit card required.

Simply click here to discover the name, code and a full investment analysis in our brand-new FREE report, "The Motley Fool's Top Dividend Stock for 2017."

Motley Fool contributor Tom Richardson owns shares of A2 Milk and Bellamy's Australia. The Motley Fool Australia owns shares of A2 Milk and Bellamy's Australia.

You can find Tom on Twitter @tommyr345

We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.