Australia Market rises for first time in three days, miners lead

The Australian share market finished higher for first time in three days in row on Thursday, 30 July 2020, as investors chased for bargain buying on tracking positive lead from Wall Street overnight after the US Federal Reserve reiterated its plans to keep interest rates near-zero for as long as it takes to revive the economy. Meanwhile, market also drew support from better-than-expected earnings and production numbers from iron ore miners.

At closing bell, the benchmark S&P/ASX200 index added 44.70 points, or 0.74%, to 6,051.08. The broader All Ordinaries grew 49.49 points, or 0.81%, to 6,177.47.

Australian Shares commenced trading with firm footing, as investors' risk appetite was boosted after the end of the Federal Reserve's two-day policy meeting at which it maintained its policy of keeping the U.S. benchmark interest rate near zero and pledged to continue massive asset purchases

Most major sub-indexes closed higher, with tech stocks led the charge after Facebook , Apple and Alphabet's Google closed higher overnight ahead of their earnings. Among top gainers, Afterpay Ltd and WiseTech Global rose 1.6% and 5.9%, respectively.

Energy stocks closed higher, helped by heavyweights Woodside Petroleum and Santos Ltd .

Stocks in airlines, airports, travel agents, casinos, owners of shopping centres and office space fell back as Victoria diagnosed a record 723 new COVID-19 cases in just 24 hours while NSW has identified 18. Vicinity Centres (VCX) slumped by 4%, Scentre Group (SCG) and Qantas (QAN) lost ~3.5%, GPT and The Star (SGR) dropped ~2.5%, Webjet (WEB), Flight Centre (FLT), Stockland (SGP) and Transurban (TCL) fell by close to 2%.

Rio Tinto (RIO) rose by 1.11% after releasing its half year results after market close yesterday. First half earnings declined by 20% to US$3.32bn, with revenues down 7%. Strong gains in iron ore prices helped offset weaker earnings for its aluminium, copper, and energy units.

CURRENCY NEWS: The Australian dollar changed hands at $0.714 after seeing an earlier high of $0.719.

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