At closing bell, the benchmark S&P/ASX200 index added 109.80 points, or 1.84%, to 6,063.20. The broader All Ordinaries rose 108.62 points, or 1.77%, to 6,251.80.
All sectors ended in green with consumer discretionary, telecommunication, financials, energy, and materials issues being notable gainers.
Australia market biggest gainers were GWA Group up 8.2% to A$2.65,Southern Cross Media up 6.3% to 17, United Malt up 6.2% to A$4.09, Orocobre up 6.2% to A$2.76, and Fletcher Building up 5.7% to A$3.32. whereas, market biggest decliners included IOOF Holdings down 16% to A$3.58, Whitehaven Coal down 3.4% to 86, Medibank Private down 2.2% to A$2.66, Beach Energy down 2% to A$1.46, and Afterpay down 1.9% to A$82.50.
ECONOMIC NEWS: Australia Officially In Recession As Q2 GDP Slides 7%- Australia's gross domestic product was down a seasonally adjusted 7% on quarter in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday, following the 0.3% decline in the three months prior, sending the country into recession. On a yearly basis, GDP dropped 6.3% versus forecasts for a decline of 5.2% after rising 1.4% in Q1. The Australian share market finished session higher on Wednesday, 02 September 2020, snapping three days of losing streak, as investors chased for bottom fishing on tracking the record closing highs on Wall Street overnight. Investors shrugged off data that confirmed Australia's economy technically being in recession after recording two quarters of negative growth in the gross domestic product.
At closing bell, the benchmark S&P/ASX200 index added 109.80 points, or 1.84%, to 6,063.20. The broader All Ordinaries rose 108.62 points, or 1.77%, to 6,251.80.
All sectors ended in green with consumer discretionary, telecommunication, financials, energy, and materials issues being notable gainers.
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Australia market biggest gainers were GWA Group up 8.2% to A$2.65,Southern Cross Media up 6.3% to 17, United Malt up 6.2% to A$4.09, Orocobre up 6.2% to A$2.76, and Fletcher Building up 5.7% to A$3.32. whereas, market biggest decliners included IOOF Holdings down 16% to A$3.58, Whitehaven Coal down 3.4% to 86, Medibank Private down 2.2% to A$2.66, Beach Energy down 2% to A$1.46, and Afterpay down 1.9% to A$82.50.
ECONOMIC NEWS: Australia Officially In Recession As Q2 GDP Slides 7%- Australia's gross domestic product was down a seasonally adjusted 7% on quarter in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday, following the 0.3% decline in the three months prior, sending the country into recession. On a yearly basis, GDP dropped 6.3% versus forecasts for a decline of 5.2% after rising 1.4% in Q1. The Australian share market finished session higher on Wednesday, 02 September 2020, snapping three days of losing streak, as investors chased for bottom fishing on tracking the record closing highs on Wall Street overnight. Investors shrugged off data that confirmed Australia's economy technically being in recession after recording two quarters of negative growth in the gross domestic product.
At closing bell, the benchmark S&P/ASX200 index added 109.80 points, or 1.84%, to 6,063.20. The broader All Ordinaries rose 108.62 points, or 1.77%, to 6,251.80.
All sectors ended in green with consumer discretionary, telecommunication, financials, energy, and materials issues being notable gainers.
Australia market biggest gainers were GWA Group up 8.2% to A$2.65,Southern Cross Media up 6.3% to 17, United Malt up 6.2% to A$4.09, Orocobre up 6.2% to A$2.76, and Fletcher Building up 5.7% to A$3.32. whereas, market biggest decliners included IOOF Holdings down 16% to A$3.58, Whitehaven Coal down 3.4% to 86, Medibank Private down 2.2% to A$2.66, Beach Energy down 2% to A$1.46, and Afterpay down 1.9% to A$82.50.
ECONOMIC NEWS: Australia Officially In Recession As Q2 GDP Slides 7%- Australia's gross domestic product was down a seasonally adjusted 7% on quarter in the second quarter of 2020, the Australian Bureau of Statistics said on Wednesday, following the 0.3% decline in the three months prior, sending the country into recession. On a yearly basis, GDP dropped 6.3% versus forecasts for a decline of 5.2% after rising 1.4% in Q1.
CURRENCY NEWS: The Australian dollar changed hands at $0.7355, slipping from an earlier high of $0.7381, as data showed Australia's economy has officially slid into a recession.
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