Australia Market surges on GDP data

The Australian share market finished session sharp higher on Wednesday, 02 June 2021, as a wide range of issues attracted buying after the country's first-quarter GDP came in better than expected 1.8% growth in the March quarter 2021, with Australian economic activity has recovered to be above pre-pandemic levels.

At closing bell, the benchmark S&P/ASX200 was up 75.25 points, or 1.05%, up at 7,217.82. The broader All Ordinaries rose 76.77 points, or 1.04%, to 7,468.87.

Total 9 of 11 S&P/ASX200 sectors were higher, with the best performing sectors were energy (up 4.05%), followed by utilities (up 2.64%), real estate (up 1.97%), materials (up 1.92%), consumer discretionary (up 1.28%), and industrials (up 1.25%), while information technology (down 1.09%) and healthcare (down 0.48%) were worst performing sectors.

The best performing stocks in the S&P/ASX200 were Inghams Group (up 6.55%), Santos (up 6.5%), Worley (up 6.47%), Origin Energy (up 5.76%), and Whitehaven Coal (up 5.41%), while the worst performing stocks were Megaport (down 4.72%), Nanosonics (down 3.52%), Regis Resources (down 3.01%), Technology One (down 2.84%), and Nuix (down 2.54%).

ECONOMIC NEWS: Australia's gross domestic product expanded a seasonally adjusted 1.8% on quarter in the first three months of 2021, the Australian Bureau of Statistics said on Wednesday, following the 3.1% spike in the previous three months. On a yearly basis, GDP was up 1.1% following the 1.1% contraction in the three months prior.

CURRENCY NEWS: The Australian dollar changed hands at $0.7734, still stronger than levels below $0.772 seen earlier this week.

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