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.
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