Australia Market ends near 14-month highs

The Australian market finished session marginally higher on Friday, 16 April 2021, as expectations of a global economic rebound on strong U.S. and Chinese economic data was offset by profit taking after market reached a 14-mongh high the previous day.

At closing bell, the benchmark S&P/ASX200 was up 4.83 points, or 0.07%, to 7,063.45. The broader All Ordinaries added 8.31 points, or 0.11%, to 7,325.77.

Global stocks neared record highs after U.S. retail sales, jobs and Chinese economic growth data cemented expectations of a solid global recovery from the coronavirus-induced slump.

Shares of mining heavyweight BHP rose about half a percent and rival Rio Tinto gained 1 percent as iron ore prices recovered from losses in the previous sessions. Gold miners Northern Star Resources, Evolution Mining and Newcrest jumped 3-4 percent after bullion prices scaled a more than one-month peak overnight.

 

By contrast, energy stocks fell despite crude oil prices scaling fresh four-week highs on improving demand outlook. Woodside Petroleum and Oil Search fell about 1 percent. Origin Energy shares plunged after cutting its annual profit guidance for its energy markets division after being ordered to pay Beach Energy more for gas supply following a contract price review. Beach shares ended 4.6 per cent higher on the news.

CURRENCY NEWS: The Australian dollar changed hands at $0.7731, above levels below $0.768 seen earlier this week.

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