Aussie share market lifts as miners surge

0 Comment(s)Print E-mail Xinhua, June 4, 2019
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SYDNEY, June 4 (Xinhua) -- The Australian share market opened higher on Tuesday, thanks to a surge in materials, and most other sectors were trading flat ahead of an expected lowering of interest rates by the central bank later in the day.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 15.20 points or 0.24 percent at 6,335.70, while the broader All Ordinaries index was up 13.10 points or 0.20 percent at 6,423.90.

Locally, tech stocks plunged and materials surged, while most other sectors were trading close to flat.

"The relatively benign overnight trading has Australian traders focussed on April retail sales data due this morning and a potential interest rate cut from the RBA this afternoon," CMC Markets chief market strategist Michael McCarthy said.

"There is almost universal agreement that among economists that Governor Lowe will announce a 0.25 percent cut in the cash rate."

In the financial space, Australia's big banks dropped with the Commonwealth Bank down (0.57 percent), ANZ down (0.11 percent), the National Australia Bank down (0.27 percent) and Westpac Bank down (0.33 percent).

Mining stocks rallied with Rio Tinto up (1.63 percent), Fortescue Metals up (1.55 percent), BHP up (2.01 percent) and goldminer Newcrest up (0.94 percent).

The country's oil and gas producers were mostly higher with Oil Search up (0.07 percent) and Santos up (0.76 percent), however Woodside Petroleum was unchanged (0 percent).

Australia's largest supermarkets bounced with Coles up (0.64 percent), and Woolworths up (0.13 percent).

Meanwhile telecommunications giant Telstra rallied (0.70 percent), the national carrier Qantas lifted (0.37 percent) and biomedical firm CSL edged higher (0.07 percent). Enditem

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