Australia Market advances to 3-month high

The Australian share market finished session sharp higher on Friday, 28 May 2021, as investors cheered gains of Wall Street overnight after strong economic data and reports that the U.S. administration will propose a $6 trillion budget for the 2022 fiscal year.

At closing bell, the benchmark S&P/ASX200 was up 84.63 points, or 1.19%, up at 7,179.51, a highest level since 20 Feb 2021. The broader All Ordinaries added 79.98 points, or 1.09%, to 7,423.97.

Total 10 of 11 S&P/ASX200 sectors ended higher, with the best performing sector were telecommunication services (up 3.63%), consumer discretionary (up 3.19%), information technology (up 3.01%), financials (up 2.8%), energy (up 2.18%), and materials (up 1.38%).

The best performing stocks in the S&P/ASX200 were Inghams Group (up 8.6%), South32 (up 5.63%), Corporate Travel Management (up 5.12%), Link Administration Holdings (up 5.01%), and Mesoblast (up 4.91%), while the worst performing stocks were CSR (down 5.27%), NUIX (down 5.07%), Champion Iron (down 2.08%), TPG Telecom (down 1.86%), and Wistech Global (down 1.81%).

Shares of mining and energy companies surged on tracking an uptick in commodity prices. Iron ore futures rose after China said it planned to curb steel output to meet its peak carbon emission target. Crude oil prices climbed on promising U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter. Rio Tinto and BHP Group rose 2.6% and 2.9%, respectively. Santos and Oil Search advanced 2.3% and 2.2%, respectively.

In company news, Shareholder registry firm Link Administration soared 5% after private equity giant KKR & Co made an offer to buy its majority-owned online real estate platform PEXA.

CURRENCY NEWS: The Australian dollar changed hands at $0.7729, still lower than levels above $0.777 seen earlier this week.

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