Australia Market rises on bargain buying, upbeat offshore lead

The Australian share market finished higher for the first time in three consecutive sessions on Friday, 25 June 2021, as investors chased for bargain buying on recently battered stocks on following an upbeat lead from Wall Street overnight amid hopes that recovery of the world's largest economy will accelerate after U.S. President Joe Biden agreed with a bipartisan group of senators on a roughly $1 trillion infrastructure deal.

At closing bell, the benchmark S&P/ASX200 advanced 32.77 points, or 0.45%, to 7,308.05. The broader All Ordinaries increased 39.44 points, or 0.52%, to 7,578.58.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining 1.2%, followed by materials (up 1%), consumer discretionary (up 0.7%), industrials (up 0.6%), financials (up 0.6%), real estate (up 0.6%), and telecommunication services (up 0.5%), while consumer staples was worst performing sector, down 0.9%, followed by information technology (down 0.7%) sector.

 

The best performing stocks in the S&P/ASX200 were Boral (up 6.4%), Kogan.com (up 6.1%), Adbri (up 4.9%), The A2 Milk Co (up 3.9%), and Orocobre (up 3.8%), while the worst performing stocks were Nuix (down 3.9%), Pilbara Minerals (down 3.9%), Zip CO (down 3.1%), Wistech Global (down 2.8%), and Seven Group Holdings (down 2.6%).

CURRENCY NEWS: The Australian dollar changed hands at $0.7598, above levels below $0.756 seen earlier this week.

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