Australia ASX200 improves 0.3%

The Australian share market managed to snap a two-day losing streak on Monday, 14 December 2020, thanks to gains from the banks, retailers, supermarket chains and technology stocks.

At closing bell, the benchmark S&P/ASX200 advanced 17.67 points, or 0.27%, to 6,660.25. The broader All Ordinaries grew 13.91 points, or 0.2%, to 6,900.28.

Shares of banks and financials gained. Commonwealth Bank added 1.9% to A$83.92. National Australia Bank and ANZ both added about 1% to A$23.55 and A$23.18 respectively.

Shares of materials and resources declined after reports the China Iron and Steel Association was calling for a government inquiry into soaring iron ore prices, which hit $US160 per tonne on Friday. Fortescue Metals declined 3.4% lower at A$22.16. Rio Tinto dropped 1.8% and BHP dropped 0.2%.

Afterpay gained 8.8% to A$109.93 after Standard & Poor's announced it would be included in the ASX20 and, along with Xero, in the ASX50 index from next week.

A number of companies made their ASX debuts today, with most finishing higher. This included Sovereign Cloud (SOV) which surged by 47%, Live Verdure (LV1) which jumped by 15%, Errawarra Resources (ERW) which rose by 10% and Genusplus Group (GNP) which gained 3%.

CURRENCY NEWS: The Australian dollar changed hands at $0.7559, having risen from levels below $0.749 last week.

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