Australia Market jumps 0.83%

The Australian share market finished session higher on Monday, 12 July 2021, with the S&P/ASX200 crossing above its 20-day moving average, on tracking record closing highs on Wall Street last Friday, with jump in crude oil and base metal prices propelled energy and mining stocks, while healthcare stocks soared on Australian Pharmaceutical Industries takeover offer from Wesfarmers.

At closing bell, the benchmark S&P/ASX200 advanced 60.21 points, or 0.83%, to 7,333.50. The broader All Ordinaries added 59.64 points, or 0.79%, to 7,604.90.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Material (up 2.2%) was top performing sector, followed by realty (up 1.2%), information technology (up 0.8%), healthcare (up 0.75%), and financial (up 0.6%) sectors. Consumer staple (down 0.4%) was worst performing sector.

 

The best performing stocks in the S&P/ASX200 were NRW Holdings (up 12%), Mineral Resources (up 4.2%), Nickel Mines (up 3.8%), Viva Energy Group (up 3.4%), and Fortescue Metals Group (up 3.3%), while the bottom performing stocks were Redbubble (down 2.9%), The Star Entertainment Group (down 2.2%), Omni Bridgeway (down 1.7%), Megaport (down 1.5%), and Washing H Soul Pattinson (down 1.5%).

Shares of Australian Pharmaceutical Industries surged after the company said it received an acquisition proposal from retail and industrial conglomerate Wesfarmers that valued the pharmacy chain operator at A$679.9 million.

ECONOMIC NEWS: Australia Building Permits Down 7.1% On Month In May- Australia total number of building permits was down a seasonally adjusted 7.1 percent on month in May, the Australian Bureau of Statistics said on Monday, coming in at 20,163, following the 5.7 percent decline in April. On a yearly basis, building permits surged 52.7 percent.

CURRENCY NEWS: The Australian dollar changed hands at $0.7468, still below levels above $0.755 seen last week.

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