Australia Market reclaims hefty chunk of Monday's losses

The Australian share market finished session sharply higher on Tuesday, 22 June 2021, as investors chased for bottom fishing on tracking positive cues from Wall Street overnight, with higher crude oil prices also provided the boost.

At closing bell, the benchmark S&P/ASX200 advanced 106.89 points, or 1.48%, to 7,342.20. The broader All Ordinaries increased 107.51 points, or 1.44%, to 7,592.70. Australian market closed 1.8% lower on Monday.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining 2.2%, followed by real estate (up 2.2%) financial (up 2.18%), materials (up 2.01%), telecommunication services (up 1.78%), consumer discretionary (up 1.66%), and industrials (up 1.31%) sectors.

 

The best performing stocks in the S&P/ASX200 were Pilbara Minerals (up 7.4%), Chalice Mining (up 7.1%), Redbubble (up 6.75%), IGO (up 6.2%), and Pointsbet Holdings (up 6.2%), while the worst performing stocks were Nufarm (down 2.16%), Appen (down 2%), Westgold Resources (down 2%), G8 Education (down 1.9%), and Polynovo (down 1.8%).

Energy stocks were the market's best performances on the day, moving sharply higher along with the price of crude oil. West Texas Intermediate crude was up 2.7% to $73.56 a barrel. Brent crude, oil's international benchmark, jumped 2% to $74.93 a barrel. Santos rose more than 3 percent, while Beach energy and Woodside Petroleum were up more than 2 percent. Origin Energy added more than 1 percent.

Materials and resources were higher. BHP gained 2.4% to A$46.68, Rio Tinto was 1.6% higher at A$121.99, and Fortescue Metals climbed by 2.6% to A$22.38.

Shares of banks and financials were also up, with Commonwealth Bank was the best of the major lenders, adding 2.2% to A$100.23. Westpac rose 1.8% to A$26.61, NAB added 1.2% to A$26.73, and ANZ was 2.1% higher at A$28.68.

Energy stocks such as Woodside Petroleum, Santos, Origin Energy and Oil Search dropped 1-3%. Boral gained 1.3% on news the company would sell its North American building products business for $2.15 billion.

Commonwealth Bank of Australia falling 5% after announcing the long-anticipated sale of its Australian general insurance business for about A$625 million.

CURRENCY NEWS: The Australian dollar changed hands at $0.7521, still off levels above $0.768 seen last week.

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