Australia Market ends marginal down

The Australian share market finished session marginal lower after trimming earlier losses on Wednesday, 01 September 2021, thanks to official data that showed that the Australian economy expanded by a better-than-expected 0.7% through the three months to June, sharply reducing the chances of the nation recording its second recession in two years.

At closing bell, the benchmark S&P/ASX200 advanced 30.36 points, or 0.4%, to 7,534.90. The broader All Ordinaries rose 34.70 points, or 0.45%, to 7,823.28.

Shares of material sector declined, with Fortescue down 3.2%, while BHP dropped 1.3% and Rio fell 2.4%.

Shares of energy companies gained, with Beach Energy up 2.9% and Santos up 1.5%. Shares of coal miners were up on soaring prices due to China paying for more expensive Canadian, Russian and US coal due to its own ban on Australian coal. Whitehaven Coal gained 4% and New Hope gained 3.4%.

Travel stocks jumped on news that New South Wales could accept more international arrivals and shift to home rather than hotel quarantine. Qantas gained 3.1%, Flight Centre added 3%, and Webjet gained 0.9%.

ECONOMIC NEWS: Australia's GDP rises 0.7%- Australia's gross domestic product (GDP) rose 0.7% in the three months to June, data from the Australian Bureau of Statistics (ABS) showed. For 2020-21 Australia's GDP has now risen 1.4%.

CURRENCY NEWS: The Australian dollar changed hands at $0.7338 after climbing from below $0.73 yesterday.

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