Shares scupper early lead but book four months of gains
By Adrian Black
The ASX200 surged almost 93 points in early trade, but that lead had largely crumbled by the close. -AAP Image
Australian shares have posted a fourth straight month of gains, but a final session rally largely crumbled as investors took profits ahead of a historically weak period for the exchange.
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The S&P/ASX200 jumped 92 points in early trade but ended Friday's session just 9.1 points higher, up 0.1 per cent, to 8,976.8, as the broader All Ordinaries gained 14.3 points, or 0.16 per cent, to 9,137.
July has historically been the Aussie market's strongest month, with an average gain of 2.7 over the past decade, while September tends to be its weakest month with an average loss of one per cent.
Mining stocks did much of the heavy lifting on Friday, as the basic materials sector improved 1.4 per cent, while IT stocks, energy and real estate trusts also carved out gains.
The Australian dollar is buying 70.30 US cents, up from 69.54 US cents on Thursday at 5pm.
