Australian shares gain for tenth consecutive session

Australian stocks rallied for the tenth consecutive session, with IT, Industrials and A-REITs sectors pacing the gainers.

The benchmark S&P/ASX 200 rose 0.21 percent to 8,027 after strong earnings from retailers and banks. The broader All Ordinaries index gained 0.29 percent to end at 8,258.10.

The Judo Bank Flash Australia Composite PMI Output Index rose to 51.4 in August, up from 49.9 in July. Rising above the 50.0 neutral mark, the latest data signaled that business activity returned to growth after falling fractionally in July.

The Judo Bank Flash Australia Services PMI Business Activity Index posted 52.2 in August, up from 50.4 in July. The latest data indicated that the rise in services output further extended the sequence of expansion that began in February, with activity increasing at the fastest pace in three months.

The Judo Bank Flash Australia Manufacturing PMI ticked up to 48.7 in August, from 47.5 in July. The index signaled that the health of the sector deteriorated for a seventh straight month, albeit at the slowest pace since May.

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