Australia Market ends higher

The Australian share market finished higher in choppy trading on Thursday, 22 April 2021, as investors chased for bargain hunting on following the positive cues overnight from Wall Street and after sharp losses during the previous two sessions.

At closing bell, the benchmark S&P/ASX200 advanced 57.92 points, or 0.83%, to 7,055.40. The broader All Ordinaries gained 53.11 points, or 0.73%, to 7,312.

Healthcare and IT led the rally, up 1.74% and 1.51% respectively. Property gained 1.41%, while industrials also increased 1.25%. Energy and utilities were the only sectors in the red, down 0.57% and 0.04% respectively.

The big banks, biotech CSL, Rio Tinto and BHP all rose to pull the index to a close higher. Tech stocks were also strong, and the local gold miners were bright after the precious metal brushed seven-week highs.

 

Energy firms were the most significant drag as climbing COVID cases - particularly in India - cast doubts over global consumption, knocking oil prices lower. Santos fell almost 1% as gas giant reported that its first-quarter revenue grew 9.2% to US$964 million or A$$1.24 billion on Improved commodity prices, with the firm expecting strong LNG prices to continue. Production was up 39% from last year to 24.8 million barrels of oil equivalent.

Woodside Petroleum was down more than 1% after reported first-quarter revenues of US$1.12 billion or A$1.44 billion, up 4.2% from last year. Sales volumes also grew 8% to 25.7 million barrels of oil equivalent. Meanwhile, production declined 2% to 23.7 MMboe from last year.

Shares in AGL fell more than 4% after the utility firm's chief executive Brett Redman abruptly resigned with immediate effect after two-and-a-half years at its helm, ahead of its coal break-up plans.

In economic news, lending for housing continued to lift in March, with the average loan size jumping higher. Lending for household goods and cars is rising, potentially a sign of positive wealth effects at play on the back of rising dwelling prices.

CURRENCY NEWS: The Australian dollar changed hands at $0.7814, having climbed from below $0.774 yesterday.

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