At closing bell, the benchmark S&P/ASX200 surged 77.49 points, or 1.28%, to 6,139.61. The broader All Ordinaries advanced 79 points, or 1.26%, to 6,344.
Gains were rather broad based with only the resource sectors, energy and materials, ending in the red. Healthcare was by the biggest improver followed by communications, IT and consumer discretionary. Financials also contributed to market improvements.
The Australian health sector gained 2.8%, with industry behemoth CSL led gains with a lift of 3.5%.
The heavyweight financial sector climbed 1.5%, with National Bank (NAB) led its big 4 banking peers higher on the release of its FY20 results. NAB's FY cash earnings fell 37% to $3.71 billion, with cash earnings minus notable items falling by 26% to $4.72 billion. Credit impairments nearly tripled to $2.76 billion, heavily impacted by COVID-19. The final dividend was also slashed to $0.30 per share. NAB shares price closed 3.3% higher.
Inghams (ING) has also been a big winner with the poultry grower surging 16% on a trading update at its virtual AGM. ING has seen poultry volumes lift 6.3% in 1Q21 on the year before while lifting 7.5% on 4Q20. Feed costs are also expected to fall in 2H21. ING has revised its dividend payout ratio to 60-80% of Underlying NPAT. Flight Centre (FLT) closed firmer by 6.9% as it also held an AGM.
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Treasury Wine Estates (TWE) was one of the largest decliners with the wine maker sliding 8.2%. TWE is facing tariffs and potential import bans to the Chinese market following reports of bans for several Australian exports including wine. TWE also held an AGM today and is looking to delay its proposed Penfold's demerger.
Property groups, Goodman (GMG) and Scentre Group (SCG) were also both higher after providing quarterly operational updates.
CURRENCY NEWS: The Australian dollar changed hands at $0.7167 following yesterday's rise from levels below $0.712.
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