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

Australia Stocks end mixed

Capital Market 

The Australian share market finished session mixed on Wednesday, 02 December 2020, as optimism over a quarterly economic recovery offset by cautious comments from the central bank and escalating trade tensions with China.

At closing bell, the benchmark S&P/ASX200 inclined 1.67 points, or 0.03%, to 6,590.20. The broader All Ordinaries shed 0.87 points, or 0.01, to 6,811.30.

The Australian economy grew by a better than expected 3.3% in the September quarter. This was the biggest quarterly increase since 1976 and was driven by a large lift in consumer spending including at cafes and restaurants, hotels and on transport services.

The Reserve Bank Governor this morning said that the economy has 'turned the corner' and was more optimistic about the job market's recovery.

Mining stocks stood out with BHP and RIO benefiting from iron ore prices remaining at six-year highs. Thanks to the reopening of some borders, Flight Centre (FLT), Qantas (QAN) and Sydney Airport (SYD) continue to lift.

Mesoblast (MSB) surged by 7.2% after the FDA gave Remestemcel-L fast-track designation for the treatment of acute respiratory distress syndrome due to COVID-19.

Westpac (WBC) edged higher by just 0.1% and announced the sale of its general insurance business to Allianz for $725m. The bank will enter an exclusive 20-year agreement for the distribution of general insurance products to Westpac customers.

CURRENCY NEWS: The Australian dollar changed hands at $0.7379, after touching an earlier low of $0.7362.

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: Wed, December 02 2020. 16:22 IST