At closing bell, the benchmark S&P/ASX200 was up 42.33 points, or 0.59%, up at 7,260.15. The broader All Ordinaries rose 41.85 points, or 0.56%, to 7,510.71.
Total 10 of 11 S&P/ASX200 sectors were higher, with the best performing sectors were energy (up 3.27%), followed by utilities (up 2.05%), information technology (up 1.57%), consumer staples (up 0.94%), financials (up 0.96%), real estate (up 0.74%), and industrials (up 0.73%), while consumer discretionary (down 1.1%) was worst performing sector.
The best performing stocks in the S&P/ASX200 were IOOF Holdings (up 7.93%), Worley (up 7.69%), Origin Energy (up 6.16%), Beach Energy (up 5.79%), and ZIP Co (up 4.37%), while the worst performing stocks were Point Holdings (down 4.16%), Adbri (down 3.57%), Resolute Mining (down 3.12%), Mesoblast (down 3.12%), and Westgold Resources (down 2.65%).
Shares were higher from the opening, after the U.S. Dow Jones index ended higher for the fifth consecutive trading day overnight on hopes for a faster-than-expected economic recovery. Sentiment was buoyant from Australia's solid economic growth data on Wednesday that showed output had returned to pre-Covid-19 levels. The recovery hopes have been prompting investors to shift their focus to those post-corona issues from with-corona issues.
Energy stocks extended gains as oil prices hit a more than 1-year high on Opec+ decision to stick with its plan to ease supply cuts through July. Woodside Petroleum and Santos added 2.3% each.
Materials and resources stocks were up as iron ore prices jumped on hopes of easing production curbs for steel products.
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Financial stocks were also higher, with the "big four" banks gaining between 0.7% and 1%.
ECONOMIC NEWS: Australia Services PMI Slows To 58.0 In May- Australia services sector continued to expand in May, with a services PMI score of 58.0, the latest survey from Markit Economics showed on Thursday. That's down from 58.8 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction. New business inflows increased for the ninth straight month in May, supported by an improvement in economic conditions following the easing of COVID-19 restrictions and the positive effects of government stimulus. Although easing from April's record, the rate of expansion in new work remained considerable. Sustained rises in orders and activity encouraged firms in the service sector to continue expanding their operating capacity. Job creation continued for the seventh successive month in May and at the fastest pace since the survey started in May 2016. Also, the composite index fell to 58.0 in May from 58.9 in April.
Australia AiG Construction Sector Expands At Slower Pace In May- Australia construction sector continued to expand in May, with a seasonally adjusted Performance of Construction Index score of 58.3, the latest survey from the Australian Industry Group showed on Thursday. That's down from 59.1 in April, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction. All four components of activity expanded strongly in May, with the index for employment hitting a new record high. The indexes for activity and new orders moved lower but remain elevated, as builders nationwide scrambled to fill orders and commence new residential construction projects ahead of HomeBuilder grant deadlines. Capacity utilization inched back towards its recent high at 82.5% of capacity in use in May.
Australia Trade Surplus Increases Notably In April- Australia's trade surplus increased to A$8.02 billion in April from A$5.79 billion in March, as exports increased amid falling imports, the Australian Bureau of Statistics reported Thursday. Exports grew 3% to A$39.77 billion, while imports fell 3% to A$31.74 billion.
CURRENCY NEWS: The Australian dollar changed hands at $0.7728, having seen an earlier high of $0.7754.
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