Australia Market climbs to fresh 14-month highs

The Australian share market finished higher for third session in row on Wednesday, 05 May 2021, as investors risk sentiments boosted up on rising commodity prices and strong financial earnings as well as the dovish comments from RBA's interest rate decision yesterday. At closing bell, the benchmark S&P/ASX200 added 27.96 points, or 0.4%, to 7,095.82, reaching its best level since Feb. 2020. The broader All Ordinaries advanced 20.64 points, or 0.28%, to 7,344.18.

Most sectors finished in the green, with only IT and consumer discretionary the laggards, down 1.1% and 0.2% respectively. Health care was the clear leader today, gaining 1%. Materials finished 0.8% higher, while financials rose 0.6%.

Shares of materials and resources were top performer today, as copper prices rose to a key psychological level of $10,000 a tonne, buoyed by optimism about global economic recovery. Mining giants BHP Group and Rio Tinto gained 1.1% and 1.2%, respectively.

Financials were also higher, with top lender Commonwealth Bank of Australia adding 2.5%, while insurer QBE Insurance Group rose 4.1%. Financials added 0.6%, with top lender Commonwealth Bank of Australia adding 2.5%, while insurer QBE Insurance Group rose 4.1%. Australia and New Zealand Banking Group shares ended 3.2% lower. Shares of Westpac Banking Corp closed marginally lower after the Australian securities regulator accused the lender of insider trading while financing a A$16 billion Ausgrid privatisation in 2016.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers slipped 0.1% to 91.193, coming off an earlier high around 91.283. The Australian dollar traded up 0.42% at $0.7737.

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