Australian Economy

Australia Market ends higher; commodity stocks leads

Australian share market finished session modestly higher on Thursday, 14 July 2022, extending the winning streak for a third day, after official data showed employment rose more than expected in June, although worries over hot U. S. inflation data and an impending rate hike capped gains.

At closing bell, the benchmark S&P/ASX200 advanced 29.06 points, or 0.44%, to 6,650.62. The broader All Ordinaries index added 40.80 points, or 0.6%, to 6,848.65.

Shares of mining and gold companies led the market rally after a sharp rebound in commodity prices. Iron ore prices strengthened on the back of an optimistic China export reading for June.

Mining trio Rio Tinto, BHP Group, and Fortescue Metals added between 1% and 2%. Northern Star Resources and Newcrest Mining jumped as much as 2.6% and 1.4%, respectively.

Energy stocks climbed, with sector majors Woodside Energy and Santos adding 0.3% and 0.9%, respectively. Coal miners New Hope and Whitehaven Coal surged 5.7% and 6.5%, respectively on reports that China may be preparing to reverse its unofficial ban on Australian coal imports.

Bucking the trend, financials were lower, with Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp, and Australia and New Zealand Banking Group declining between 0.5% and 1.5%.

CURRENCY NEWS: The U. S. dollar index, which tracks the greenback against a basket of its peers, briefly slipped below 108, but was last at 108.476. The Australian dollar changed hands at $0.6757.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.