Australia Market extends gains to sixth day

The Australian share market finished higher for sixth straight session on Wednesday, 11 August 2021, on the back of gains in shares of utilities, energy, materials, and financials which helped in cancelling losses elsewhere amid concerned about the rapid spread of the delta variant of the coronavirus.

At closing bell, the benchmark S&P/ASX200 was up 21.74 points, or 0.29%, to 7,584.30. The broader All Ordinaries added 24.16 points, or 0.31%, to 7,854.57.

Market sentiments were downbeat despite firmer market closing amid concerns about the worsening domestic coronavirus situation in New South Wales and the extended lockdown, with 344 new cases reported on Tuesday. Victoria has recorded 20 new cases of COVID-19, with 118 active cases of coronavirus across Victoria. Queensland records four new locally acquired virus cases.

Materials stocks were up as a massive US infrastructure spending bill moved closer to fruition, boosting anticipated demand for raw materials and industrial materials Rio Tinto and BHP Group both climbed more than 1%.

Shares of oil and coal producers closed higher, even though oil prices softened during trade amid concerns about more lockdowns in China, which would curb demand.

Shares of financials climbed up, with the remaining "big four" lenders up between 0.9% and 1.2% after Commonwealth Bank of Australia doubled its dividend payout and announced a record US$4.41 billion share buyback.

Technology stocks dragged on the market with Afterpay down 0.8%, Xero down 1.8%, and Megaport down 6.3%, reversing two weeks of gains.

CURRENCY NEWS: The Australian dollar changed hands at $0.7327, a touch lower than levels above $0.734 seen yesterday.

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