Australia Market closes near 14-month highs

The Australian market finished session marginally higher on Monday, 19 April 2021, as gains in materials and resources helped to offset losses in energy stocks. At closing bell, the benchmark S&P/ASX200 was up 2.18 points, or 0.03%, to 7,065.64. The broader All Ordinaries added 2.27 points, or 0.03%, to 7,328.04.

Shares of mining companies rose as iron ore and copper prices held firm. Rio Tinto gained 1.7% while Fortescue Metals Group added 1.8%. Sims Metal Group outperformed the market with a gain of 9% to $16.56 after an earnings upgrade. Orocobre soared 5.7% after the lithium miner said it was buying smaller domestic peer Galaxy Resources for $1.4 billion to create the world's fifth-most valuable producer of the key raw material for electric vehicle batteries.

 

The first quarantine free trans-Tasman flights brought back a sense of travel normalcy and boosted Sydney Airport's price 0.5% up meanwhile Auckland International Airport added 2.3%.

By contrast, energy stocks fell as crude oil prices slumped amid a surge in Covid-19 infections in India and other countries. Woodside Petroleum fell nearly 2% while Santos lost 1.3%. Origin Energy was down 2.1% and Oil Search dropped more than 1%. Whitehaven Coal was down 2.7% after reducing its production forecast last week,

CURRENCY NEWS: The Australian dollar changed hands at $0.7741, having risen from below $0.768 last week.

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