Australian blue chips gained ground in a shortened trading day with AMP leading among the S&P/ASX 200.
Australian shares advanced to the highest level in more than a month on Christmas Eve in a shortened session that lifted all but one of the 11 sharemarket sectors, reflecting a broad rally in one of the last trading days of the year.P/ASX 200 edged 0.4 per cent higher, adding 32.7 points to the blue chip benchmark, which closed with 7420.3 points, the highest closing level since November 16.
AMP shares closed 6.4 per cent higher at $1, the highest closing price in nearly a month, in a signal of support from investors for the transaction, which had faced a prolonged stretch at the negotiating table over the past few months. Communication services companies fared best on Friday with the sector posting a 1.2 per cent advance, helped along by a 1.8 per cent gain for REA Group to $165.87 and a 3.3 per cent advance for Seek, the job ads website, which closed at $33.75. Telstra, the biggest company within the sector, also gained ground to post a 0.7 per cent advance to $4.15.
The day’s laggards were St Barbara and Reliance Worldwide, which both fell 0.4 per cent, followed by Life360,, which eased 2.1 per cent lower to $9.50. The fall for Life360, which offers an app for people to track friends and belongings, extended a tumble that began in November, when the shares hit a record high. The stock price has since shed a third of value from the peak.
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