Australia Stocks extend rally to sixth day

The Australian share market finished higher for sixth straight session on Tuesday, 08 December 2020, following a positive lead from Wall Street and improvement in business sentiments. At closing bell, the benchmark S&P/ASX200 inclined 12.71 points, or 0.19%, to 6,687.73. The broader All Ordinaries added 13.27 points, or 0.19%, to 6,922.18.

A recovery from most of the banks (with the exception of Westpac), together with strong improvements from gold miners, technology companies, healthcare and consumer staples helped keep the ASX 200 in positive territory.

Link (LNK) was one of the day's best improvers after receiving another takeover offer. The share registry company surged by 13.7 per cent after US listed SS&C Technology Holdings offered $5.65 per share in cash (~$3bn) for LNK. This is a 14 per cent premium to Monday's closing price. After receiving another takeover offer in recent months, LNK shares surged by close to 30 per cent in October.

The energy stocks declined as oil prices remained under pressure during Asian trading hours. Shares of Santos fell 2%, Oil Search was down 1.6% and Woodside Petroleum fell 0.2%.

ECONOMIC NEWS: Australia House Price Index Climbs 0.8% In Q3-- Australia house price index climbed 0.8 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Tuesday after sinking 1.8 percent in the three months prior. On a yearly basis, the house price index climbed 4.5 percent after rising 6.2 percent in Q2. The total value of residential dwellings in Australia rose A$87.8 billion to A$7,283.3 billion in Q3, while the mean price of residential dwellings rose A$5,400 to A$689,500.

Australia NAB Business Conditions Suggests Rapid Rebound In Economy In November-- Australian business conditions and confidence improved in November suggesting a rapid rebound in the economy as restrictions were eased and state borders opened up, survey data from the National Bank of Australia showed Tuesday. The business conditions index climbed to 9 in November from 2 in October. Likewise, the business sentiment indicator advanced to 12 from 3 a month ago.

Powered by Capital Market - Live News