Australia Market bounces back in green

Australian stock market bounced back in green after fluctuating in and out of the boundary line in early trade on Tuesday, 26 March 2019, as investors chased for value buying after the previous day's heavy losses. Market gains were, however, limited amid lingering worries about global economic growth. Among ASX subsectors, shares of major mining stocks led gains and helped to offset weakness in banks and oil stocks. Around late afternoon, the benchmark S&P/ASX200 index added 8.69 points, or 0.14%, at 6,134.90 points, while the broader All Ordinaries rose 8.58 points, or 0.14%, at 6,217.30.

Shares of materials and resources rebounded despite lower copper prices, with BHP Group and Rio Tinto up almost 1% each, meanwhile Fortescue Metals rose more than 1%.

 

Shares of banks and financials were in the red, with big four banks - ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac - lower in a range of 0.1% to 0.7%.

Shares of energy players declined after crude oil prices declined overnight. Oil Search was lower by almost 2%, Santos fell more than 1% and Woodside Petroleum was down almost 1%.

Stocks of Australian conglomerate Wesfarmers dropped more than 3% after the company announced a bid for embattled rare earths miner Lynas, whose own stock was placed on a trading halt on Tuesday pending an announcement on the offer.

Shares of Coles Group rose more than 2% after announcement that it will spend up to A$150 million over the next four years to double the supermarket's home delivery capacity after signing a deal to use technology from UK online supermarket Ocado.

CURRENCY: The Australian dollar rose against the U.S. dollar on Tuesday. The Aussie dollar was quoted at $0.7111, up from $0.7083 on Monday.

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