Australia Market ekes out modest gains

The Australian share market eked out modest gains on Tuesday, 10 August 2021, as 7 of 11 sectors ended higher along with the S&P/ASX 200 Index, led by shares in information technology, telecommunication services, consumer discretionary and financials which helped to cancelling losses in industrials and energy stocks.

At closing bell, the benchmark S&P/ASX200 was up 24.15 points, or 0.32%, to 7,562.56. The broader All Ordinaries added 26.13 points, or 0.33%, to 7,830.41.

Tech stocks were among the top gainers, with buy now, pay later pioneer Afterpay leading gains with a 3.2% rise.

Shares of financials were higher, with National Australia Bank up 0.2 percent after the lender said it would buy Citigroup's Australian consumer business for a total cost of $1.2 billion.Commonwealth Bank of Australia rose 1.5%, extending a four-day winning streak, ahead of its annual results on Wednesday,

Energy stocks were broadly lower, with Origin Energy, Oil Search and Santos declining 1-2 percent, dragged down by decline in crude oil prices. Oil prices fell as much as 4% on Monday, extending last week's steep losses on a rising U.S. dollar and concerns that Delta variant-related restrictions in Asia could slow a global recovery in fuel demand.

Shares of James Hardie Industries rose 5.8% to hit a record high after fibre cement maker raised annual profit forecast range, supported by a booming U.S. housing market.

ECONOMIC NEWS: Australia's business conditions and confidence declined sharply in July amid strict restrictions in many states to curb the spread of the virus, survey results from National Australia Bank showed on Tuesday. The business conditions index fell to 11 in July from 25 in June. The business confidence index came in at -8 in July versus +11 in the previous month.

CURRENCY NEWS: The Australian dollar changed hands at $0.7339, below levels above $0.735 seen yesterday.

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