Australia Market rebounds 0.5%

The Australian share market finished session higher on Friday, 10 September 2021, as investors chased for bargain hunting on recently battered stocks, with shares in materials and energy players being notable gainers. At closing bell, the benchmark S&P/ASX200 advanced 37.10 points, or 0.5%, to 7,406.63. The broader All Ordinaries added 47.34 points, or 0.62%, to 7,706.20.

The top performing stocks in S&P/ASX200 index were NICKEL MINES and ALUMINA , up 8.54% and 6.34% respectively, while the bottom performing stocks were POLYNOVO and OMNI BRIDGEWAY, down 5.7% and 5.3% respectively.

Improvements were across the majority of sectors with materials the standout performer. While big names BHP Group (BHP) and Rio Tinto (RIO) experienced muted gains, Fortescue Metals (FMG) lifted 2.6% and smaller miners like South32 (S32) jumped 5.9%. Alumina (AWC) ended 6.3% higher.

Shares of energy companies rallied after Oil Search and Santos confirmed the terms of a planned $21 billion merger, which would propel the newly formed company into the top 20 largest oil and gas producers globally. Oil Search rose 2.2%, while Santos added 0.5%.

CURRENCY NEWS: The Aussie dollar remains fairly steady against the greenback and buys 73.77 US cents.

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