Australia Market settles higher

The Australian market closed higher on Monday, 15March 2021, as risk sentiments buoyed up on statement from after central bank governor Philip Lowe as well as strong economic data from the country's top trading partner China. However, market gains capped on caution ahead of the central bank's monetary policy meeting, set to be released on Tuesday. Most of sectors advanced, with shares in energy, financials, and Travel-related issues being notable gains, whereas shares in materials and technology companies were notable losers.

At closing bell, the benchmark S&P/ASX200 advanced 6.20 points, or 0.09%, to 6,773.01. The broader All Ordinaries grew up 4.53 points, or 0.06%, to 7,019.14.

 

The RBA Governor Philip Lowe again pushed-back on market expectations for a tightening of monetary policy, noting that the unemployment rate of 6.4% is too high and the economy is operating well short of its capacity.

Travel-related stocks soared after Singapore's foreign ministry confirmed that talks are ongoing between the city-state and Australia to set up an air travel bubble that would allow travel between the two countries without the need for quarantine. Australian flag carrier Qantas gained 3.77%.

Gold stocks were higher as the sector gained from a cheaper U.S. dollar. De Grey Mining ended about 6% higher, while Red 5 closed 8.8% up.

Miners affected by lower iron ore prices. FMG led big iron ore miners lower with a 4.14% drop. RIO was down 2.16% and BHP was 0.19% lower. The price of iron ore fell 3.1% over the weekend.

CURRENCY NEWS: CURRENCY NEWS: The AUD buys 77.4 U.S. cents having briefly traded at 77.7 U.S. cents.

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