Australia Market rises for the first time in four sessions

The Australian share market rose for the first time in four sessions Friday, 14 May 2021, with investors stepping up bargain buying following an overnight Wall Street rally. At closing bell, the benchmark S&P/ASX200 advanced 31.52 points, or 0.45%, to 7,014.24. The broader All Ordinaries added 30.35 points, or 0.42%, to 7,239.37.

Energy stocks rose as oil prices dropped amid concerns about demand from India and as the hacked Colonial Pipeline in the U.S. restarted. Sector heavyweight Whitehaven Coal jumped 8.8%, followed by Washington H Soul Pattinson and Company, gaining 2.3%.

Australia's heavyweight financials ended higher, with top lender Commonwealth Bank of Australia hitting a record high. Westpac, Australia and New Zealand Banking Group and National Australia Bank ended up between 0.9% and 1%.

Shares of miners fell as iron ore prices dived. Global titan BHP Group lost 1.6%, while Rio Tinto and Fortescue Metals fell nearly 2% and 2.8%, respectively.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.475 following an earlier high of 90.803. The Australian dollar was at $0.7742, having declined from levels above $0.78 earlier this week.

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