Energy leads Aussie market gains

0 Comment(s)Print E-mail Xinhua, November 6, 2019
Adjust font size:

SYDNEY, Nov. 6 (Xinhua) -- The Australian share market lifted at open on Wednesday with energy stocks leading gains and offsetting an underperforming index.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 11.50 points or 0.17 percent at 6,708.60, while the broader All Ordinaries index was up 10 points or 0.15 percent at 6,821.60.

Energy soared and the banks lifted, offsetting losses in the industrials and tech sectors, while the rest of the index was relatively flat.

"Energy stocks are in focus as crude oil markets hit six-week highs," CMC markets chief market strategist Michael McCarthy said.

Meanwhile Australia's central bank kept the official interest rate on hold at its monthly meeting on Tuesday.

"A positive statement from the Reserve Bank of Australia yesterday lifted local rates, and the implied probability of further reductions is now less than 50 percent out to September 2020," McCarthy said.

In the financial space, Australia's big banks rallied with the Commonwealth Bank up (0.73 percent), ANZ up (0.31 percent), the National Australia Bank up (0.36 percent), and Westpac Bank up (0.88 percent).

Mining stocks were mixed with BHP up (1.43 percent), Rio Tinto up (0.56 percent), Fortescue Metals down (1.57 percent) and goldminer Newcrest down (2.97 percent).

The country's oil and gas producers jumped with Oil Search up (0.82 percent), Santos up (0.98 percent), and Woodside Petroleum up (0.79 percent).

Australia's largest supermarkets varied with Coles down (0.07 percent), and Woolworths up (0.29 percent).

Meanwhile telecommunications giant Telstra was unchanged (0 percent), the national carrier Qantas took off (0.15 percent) and biomedical firm CSL bounced (0.27 percent). Enditem

Follow on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from