Australia Market extends gain to second day

The Australian share market finished higher for second straight session on Friday, 08 October 2021, tracking gains on Wall Street overnight after truce in the debt-ceiling standoff in the Congress relieved concerns of a possible government debt default this month. All 11 sectors of the ASX index improved today, with technology, materials, and financial being notable gainers.

At closing bell, the benchmark S&P/ASX200 advanced 63.43 points, or 0.87%, to 7,320.09. The broader All Ordinaries index rose by 66.14 points, or 0.88%, to 7,617.32.

The top performing stocks in this index were CHALICE MINING LIMITED and HUB24 LIMITED, up 7.36% and 5.72% respectively. The bottom performing stocks in this index were EML PAYMENTS and CLINUVEL PHARMACEUTICALS, down 14.6% and 3.5% respectively.

Shares of materials and resources climbed up, with BHP Group up 3%. Fortescue also posted gains of up 2.4%. Mineral Resources rose more than 1%. Rio Tinto was higher by almost 3% and OZ Minerals added more than 2%.

Energy stocks also finished ahead after oil futures rebounded on Thursday, with Oil Search and Woodside Petroleum up 0.2% each, while Origin Energy and Santos gained almost 1% each. Beach energy added more than 1%.

ECONOMIC NEWS: The total number of building permits issued in Australia was up a seasonally adjusted 6.8% on month to 18,716 in August, after the 8.6% contraction in July, according to the Australian Bureau of Statistics data released on Friday. On a yearly basis, building permits were up 31.2%. The total value of building approvals was up 20.3% on month in August.

CURRENCY NEWS: The Australian dollar changed hands at 0.7309, strengthening sharply following earlier levels of around 0.726.

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