Australia Market ends higher

The Australian share market finished session higher on Thursday, 06 August 2020, as risk sentiments underpinned on tracking firm lead from Wall Street overnight. However, market gains were capped after the domestic government hiked its unemployment forecast due to the re-imposition of restrictions in the country's second-most populous state of Victoria.

At closing bell, the benchmark S&P/ASX200 index added 40.89 points, or 0.68%, to 6,042.19. The broader All Ordinaries was up 44.38 points, or 0.72%, to 6,180.26.

Most of ASX sub-indexes were up, with mining and energy stocks being notable gainers on the back of higher commodity and oil prices.

 

The materials sector received a considerable boost from the larger miners in particular heavyweight BHP Group (BHP) which gained 4.9% and contributed over 40% of total ASX 200 gains. Rio Tinto (RIO) gained 1.5% even as it traded ex-dividend. Oil & gas names also rallied on a solid lift for global oil prices.

Healthcare, consumer staples and the property sector fell most. The health sector was weighed by losses for ResMed (RMD) which tumbled 7.4% on the back of its quarterly profit numbers. While revenue was boosted by ventilator sales, sleep masks (which is what RMD traditionally makes) saw sales growth miss expectations.

Scentre Group (SCG) was also a weight on the market, easing 2.3% on a profit update ahead of a full release on August 25. The owner of Westfield shopping centres in Australia & NZ is expecting its property portfolio to fall 10% in value over the past 6 months.

CURRENCY NEWS: The Australian dollar changed hands at $0.7192 following its rise from levels below $0.715 this week.

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