Australia Market rises 0.56%

The Australian market finished session higher on Thursday, 01 April 2021, as investor cheered an end to Brisbane lockdown ahead of the long Easter weekend and solid Chinese economic data. At closing bell, the benchmark S&P/ASX200 was up 38.03 points, or 0.56%, to 6,828.69. The broader All Ordinaries added 47.21 points, or 0.67%, to 7,064.20. Australian market closed on Friday and Monday for Easter holidays.

Tech and materials helped lift the index, increasing 2.45% and 1.48% respectively. Utilities, and consumer discretionary also surged. Health care fell 0.2%, while consumer staples declined 0.1%. Energy, industrials and property also fell.

Technology stocks closed higher, following a tech-led rally on Wall Street. Megaport gained 5.7%, while Afterpay added about 4%.

 

Shares of materials lifted up by higher iron ore prices. BHP Group rose 0.8%, while Rio Tinto gained 1.1%. Gold stocks gained on stronger bullion prices, with West African Resources advancing 7.8%, while De Grey Mining climbed 8.6%.

Financial stocks bolstered by a near 5% gain in AMP Ltd after the embattled wealth manager named its new chief executive officer.

ECONOMIC NEWS: Australia AiG Manufacturing Sector Continues To Expand In March-- Australia manufacturing sector continued to expand in March, with a seasonally adjusted Performance of Manufacturing Index score of 59.9, the latest survey from the Australian Industry Group revealed on Thursday. That's up from 58.8 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. All six manufacturing sectors reported positive trading conditions during March, with especially buoyant conditions reported by manufacturers in machinery and equipment and textiles clothing, footwear, paper & printing products. This was the highest monthly result for the index since March 2018 and a sixth consecutive month of strong recovery.

Separately, the latest survey from Markit Economic showed a seasonally adjusted manufacturing PMI continued to expand in March, albeit at a slightly slower pace of 56.8. That's down marginally from 56.9 in February, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

CURRENCY NEWS: The Australian dollar changed hands at $0.7567, having slipped from above $0.765 earlier in the week.

Powered by Capital Market - Live News