Australian Stock Market Report – Afternoon January 2, 2015

IN PHOTO: Today's Ordinaries Index curve is seen at the Australian Securities Exchange (ASX) in central Sydney August 23, 2010. Australian financial markets bet on Monday that inconclusive weekend elections would deliver a change of government, ushering in a new minority conservative administration that would scrap a planned mining tax. REUTERS/Daniel Munoz

Market kicks off the New Year on a positive note

 The local sharemarket has recovered early losses to finish the first session of the New Year in positive territory. The All Ords (XAO) finished up 26 points or 0.5 percent to 5,415, while the ASX 200 (XJO) improved by 25 points or 0.5 percent to 5,435.

 The Property Trusts sector was the best performer, climbing 1.2 percent, regaining half of Wednesday's losses. Goodman Group (GMG) shares jumped 1.9 percent to $5.80, while Westfield Corp (WFD) gained 1.5 percent to $9.16.

 The Financial sector reversed early losses to finish stronger - putting an end to a three-session slump. ANZ Bank (ANZ) rose by 0.4 percent to $32.23, while Macquarie Group (MQG) gained 0.4 percent to $58.54.

 Atlas Iron (AGO) shares rallied 39 percent to close at 23 cents, regaining some losses after dropping 85 percent in 2014.

 In economic news, the CoreLogic RP Data Home Value Index of capital city home prices rose by 0.9 percent in December, after falling 0.3 percent in November. The fastest growth in home prices in December occurred in Hobart (up 2.7 percent). Australian home prices rose by 7.9 percent in 2014. Annual growth of home prices is the lowest in 14 months.

 Around the region, markets in Shanghai and Tokyo remain closed. In the US tonight, the ISM manufacturing index is due, along with construction spending.

 The Aussie dollar is weaker against the Greenback, buying 81.3 US cents.

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