Australia Market end flat

The Australian market closed virtually flat after surrendering early gains on Thursday, 11 March 2021, as gains in tourism stocks on news of support package countered losses in big banks and buy-now-pay-later giant Afterpay.

At closing bell, the benchmark S&P/ASX200 edged down 0.18 point, or 0.00%, to 6,713.92. The broader All Ordinaries edged up 5.77 points, or 0.08%, to 6,952.92.

Consumer discretionary stocks were the bright spot throughout the day as travel-exposed companies were buoyant on news of stimulus for the sector. The government unveiled a A$1.2 billion tourism support package aimed at boosting local travel. Flight Centre Travel Group was the top gainer, adding 9.2%. Corporate Travel Management rose 4.3%, while travel bookings company Webjet climbed 3.8%. Casino and gaming company Aristocrat Leisure, Qantas Airways and Sydney Airport Holdings all clocked gains of more than 2%.

 

Materials stocks closed mixed. Shares of major miners Rio Tinto and Fortescue reversed course to close up 1.06% and 2.21%, respectively. BHP fell 1.68% on weaker iron ore prices.

In economics news, oil prices lifted on falling U.S. gasoline stockpiles which experienced the largest two-week decline on record. Iron ore shipments from Australia's Port Hedland fell 11.3%/month and 3.4%/year in February. The fall in exports in February was expected given the Lunar New Year period in China and adverse weather conditions.

CURRENCY NEWS: The AUD buys 77.5 U.S. cents having briefly traded at 79.7 U.S. cents.

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