Australia Market ends 0.36% stronger

The Australian share market finished session higher on Monday, 15 November 2021, as sentiment was lifted on tracking positive cues from Wall Street's strong finish last week and slew of better than expected economic data from China. Most of ASX sectors advanced, with healthcare, materials, and tech stocks topped the gainers list while banks declined amid fears about high inflation and interest-rate increases.

At closing bell, the benchmark S&P/ASX200 advanced 27.06 points, or 0.36%, to 7,470.11. The broader All Ordinaries index added 32.40 points, or 0.42%, to 7,7798.23

The top performing stocks in this index were MESOBLAST and RESMED INC, up 11.8% and 5.2% respectively. The bottom performing stocks in S&P/ASX200 index were UNITI GROUP and AMPOL, down 2.5% and 2.1% respectively.

Industrial output and retail sales in China, Australia's top trading partner, grew at a surprisingly faster pace in October, with output growing 3.5% from a 3.1% increase in September, and retail sales rising 4.9% year-on-year.

Healthcare stocks jumped after Australian officials said the country will likely start administering Covid-19 vaccines for children under the age of 12 in January. Resmed Inc shares advanced 5.7%, while biotech major CSL Ltd rose 1.3%. Drug developer Mesoblast jumped 14.7% after releasing a positive phase three trial result of its stroke medicine.

Gold stocks advanced as bullion prices over the weekend logged their best week since May with inflationary fears lifting the metal's safe-haven appeal. Miner Pantoro surged 20%.

Technology stocks rose, with data centre operator NEXTDC climbing 4.8%, while network operator Megaport added 4.3%.

Shares of financials were down with National Australia Bank down by 1.5% as its shares traded ex-dividend, while Commonwealth Bank gave up 0.7%.

CURRENCY NEWS: The Australian dollar was at $0.7348, having slipped from above $0.74 last week.

Powered by Capital Market - Live News