You are here: Home » News-CM » International » Market Report
Business Standard

Australia Stocks end higher

Capital Market 

The Australian share market finished session lower on Monday, 11 January 2021, snapping two straight days of gains, amid worries about the rising coronavirus cases in New South Wales. At closing bell, the benchmark S&P/ASX200 fell 60.71 points, or 0.9%, to 6,697.16. The broader All Ordinaries shed 64.70 points, or 0.92%, to 6,959.54.

Shares of gold miners extended losses after gold prices settled at their lowest since mid-December on Friday. Hopes of fiscal support, along with prospects for a smooth transition of power in Washington, have taken the shine off safe-haven assets such as gold. Evolution Mining lost more than 5% and Newcrest Mining was lower by more than 4%.

Lenders were mixed.

In the banking sector, National Australia Bank, Commonwealth Bank and ANZ Banking were lower in a range of 0.2% to 0.3%, while Westpac edged up 0.1%.

Miners were mixed. Among the major miners, Rio Tinto fell more than 1% and Fortescue Metals was lower by 0.3%, while BHP Group added 0.2%.

Energy stocks jumped, with oil prices near a one-year high after Saudi Arabia's pledge last week to cut output. Among oil stocks, Woodside Petroleum added 3%, meanwhile Santos rose almost 4% and Oil Search rose more than 1%.

In economic news, Australia Retail Sales Up 7.1% On Month In November- Australia retail sales was up a seasonally adjusted 7.1% on month in November, coming in at A$31.654 billion, the Australian Bureau of Statistics said on Monday, following the 1.4% gain in October. Individually, food retailing was down 0.3% on month, while household goods retailing jumped 12.7%, clothing sales spiked 26.7%, department store sales jumped 21.1%, other retailing gained 7.9% and restaurant retailing was up 6.7%. On a yearly basis, the value of sales rose 13.3%.

CURRENCY NEWS: The Australian dollar was at $0.7707 following levels above $0.78 seen last week.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, January 11 2021. 14:36 IST