Australia Market climbs to 13-month peak

The Australian market finished session at 13-month peak on Wednesday, 14 April 2021, as investors were continuing to buy into the narrative of a strong economic rebound, even after recent setbacks to the nation's vaccination schedule. At closing bell, the benchmark S&P/ASX200 was up 46.18 points, or 0.66%, to 7,023.10. The broader All Ordinaries added 49.59 points, or 0.69%, to 7,280.60.

Shares of materials and resources climbed up. Iron ore miners Rio Tinto and BHP improved to each finish 0.7% ahead. Gold miners were buoyed by glistening precious metal prices. Resolute Mining soared more than 20%, its biggest surge in more than a year, as a lease for its Bibiani gold mine in Ghana was restored after being terminated last month.

Technology stocks surged on tracking overnight gains on the Nasdaq. Buy now, pay later bellwether and index heavyweight Afterpay jumped as much as 3.6% to its highest level in over six weeks.

Financial stocks also gained, with Commonwealth Bank was the best of the Big Four, gaining 0.7%. Macquarie Group also finished 0.7% higher.

ECONOMIC NEWS: Australia Westpac Consumer Confidence Index Spikes 6.2% In April - Australia consumer confidence spiked in April, the latest survey from Wetspac Bank and the Melbourne Institute revealed on Wednesday, jumping 6.2% on month to a reading of 118.8. That's the highest reading for the index since August 2010.g

CURRENCY NEWS: The Australian dollar changed hands at $0.7641, above levels below $0.762 seen earlier this week.

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