Australia Stocks end higher

The Australian share market finished session higher on Tuesday, 27 July 2021, as risk sentiments underpinned on following fresh records close of three major US indices overnight and firm commodity prices. However, market gains capped as investors remained cautious ahead of the US Federal Reserve's latest meeting for clues on the timing of stimulus tapering.

At closing bell, the benchmark S&P/ASX200 rose 37.10 points, or 0.5%, to 7,431.36. The broader All Ordinaries increased 33.51 points, or 0.44%, to 7,704.02.

Total 6 of 11 S&P/ASX200 sectors were higher, with materials (up 1.6%) sector was top performer, followed by energy (up 1.26%), telecommunication services (up 0.65%), and financial (up 0.64%) sectors, while information technology (down 1%) was worst performer, followed by healthcare (down 0.55%), and consumer discretionary (down 0.33%) sectors.

Shares of materials and resources climbed up after iron ore and copper prices rose overnight. BHP and Rio Tinto jumped around 3% and 2%, respectively. OZ Minerals soared after raising its annual gold output forecast. BlueScope shares advanced after the steel manufacturer expects to beat its second half guidance.

Shares of energy companies gained as oil prices inched up in Asian trade on expectations of tight supply. Santos and Woodside Petroleum advanced 1-2%. Oil Search dropped after reporting a decline in oil and gas production in the June quarter.

CURRENCY NEWS: The Australian dollar was at $0.734 following an earlier high of $0.7388.

Powered by Capital Market - Live News