Australia Stocks climb on firmer commodity prices

The Australian share market finished higher for third consecutive session on Monday, 17 May 2021, clawing back more of last week's inflation-fuelled losses, as jump in commodity prices helped to lift energy and materials sectors and offset declines in real estate and industrial stocks.

At closing bell, the benchmark S&P/ASX200 advanced 42.42 points, or 0.6%, to 7,066.98. The broader All Ordinaries added 43.2 points, or 0.6%, to 7,299.07.

Shares of materials and resourcrs gained as commodity prices improved. Brent crude was up 1.3% at $US69.58 a barrel, and US oil 1.5% to $US66.37 a barrel. Iron ore gained 4.3% to $US217.77 a tonne. Mining heavyweights BHP climbed 1.9% to $50.52, Rio Tinto finished 2.1% higher at $128.71, and Fortescue Metals gained 2% to $23.57.

 

Gold stocks rose as bullion prices soared to a near five-month high $US1866.47 per ounce on rising inflationary pressures and dollar weakness, with country's biggest gold miner Newcrest Mining gaining 1.1% to $28.66 and Northern Star was 2.1% higher at $11.45.

Lenders were also higher. Banks ANZ and NAB gained over 1 percent after upbeat RBA minutes. Commonwealth Bank shares closed flat at $97.76

Software firm Nuix shares rebounded 11.5%, after its chairman pledged improvements following a local media report raising questions about its governance and accounting.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.906. The Australian dollar changed hands at $0.7807, stronger than levels below $0.774 seen last week.

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