Australia Market extends winning streak to a fourth day

The Australian share market managed to finish higher for fourth straight session on Wednesday, 16 June 2021, as gains in the energy and banking stocks helped to offset losses in mining and tech stocks. Many investors were opted sideline ahead of the outcome of the Federal Reserve meeting later today in global day.

At closing bell, the benchmark S&P/ASX200 was up 6.70 points, or 0.09%, to 7,386.17, a fresh record high. The broader All Ordinaries rose 0.40 point, or 0.01%, to 7,633.39.

Total 8 of 11 S&P/ASX200 sectors ended higher, with the best performing sectors was energy (up 1.5%), followed by financial (up 0.8%), utilities (up 0.7%), consumer staples (up 0.4%), healthcare 9up 0.5%), and consumer discretionary (up 0.3%) sectors, while worst performing sector was materials (down 1.56%), followed by information technology (down 0.4%) sector.

The best performing stocks in the S&P/ASX200 were Pro Medicus (up 3.62%), Ingenia Communities Group (up 2.87%), Washington H Soul Pattinson & Company (up 2.78%), Costa Group Holdings (up 2.7%), and Steadfast Group (up 2.56%), while the worst performing stocks were OZ Minerals (down 6.7%), NUIX (down 5.8%), Clinuvel Pharmaceuticals (down 5.66%), Austal (down 5.66%), and Nickel Mines (down 4.8%).

Energy stocks were the top performers, as oil prices surged on improving demand outlook. Oil & gas explorers Woodside Petroleum Ltd and Oil Search Ltd surged 2.3% and 1.5%, respectively.

Mining stocks were worst performer after reports that China has ordered state firms to limit their exposure to overseas commodities markets in a bid to control soaring prices. Global miner BHP Group and top gold producer Newcrest Mining fell 1.7% and 1.3%, respectively.

ECONOMIC NEWS: Australia Westpac Leading Index Edges Down In May- The Leading Economic Index in Australia edged down 0.06 percent month-over-month in May of 2021, after a 0.2 percent gain a month earlier, pointing to the first decline in four months, according to Westpac report, released Wednesday. Meantime, the six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index, slowed to 1.47 percent in May from 2.86 percent in April.

CURRENCY NEWS: The Australian dollar changed hands at $0.7697 as it struggles to recover after a slip from the $0.772 level earlier in the week.

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