Australia Market ends higher

The Australian share market finished session higher on Friday, 07 May 2021, as investors risk sentiment was supported by a robust Wall Street overnight and surging commodity prices. However, market gains were capped as a wait-and-see mood grew ahead of U.S. jobs data for April due out later in the day.

At closing bell, the benchmark S&P/ASX200 added 19.14 points, or 0.27%, to 7,080.83. The broader All Ordinaries grew 19.18 points, or 0.26%, to 7,325.22.

Record iron ore prices above US$200 a tonne on tight supply outlook and improving demand prospects helped BHP, Rio Tinto, and Fortescue Metals gain, while gold miners were also strong as the precious metal moved to near three-months highs above $US1800 an ounce.

 

Travel firms also rebounded after NSW delivered a pleasing COVID update of no new local cases. Webjet rose 7.4% to A$4.78, Flight Centre gained 7.3% to A$15.51, and Corporate Travel added 6.3% to A$17.86.

ECONOMIC NEWS: The services sector in Australia continued to expand in April, and at a faster rate, the latest survey from the Australian Industry Group showed with a Performance of Services Index score of 61.0, up from 58.7 in March.

CURRENCY NEWS: The Aussie dollar took a beating after China said it would end economic dialogue with Canberra.

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