Australia Stocks end mixed

The Australian share market finished session mixed on Monday, 03 May 2021, as risk sentiments were subdued on following negative cues from Wall Street on Friday and concerns about global economic recovery amid the surge in coronavirus cases in the Asian region, particularly in Japan and India.

At closing bell, the benchmark S&P/ASX200 added marginal 2.98 points, or 0.04%, to 7,028.80. The broader All Ordinaries declined 3.87 points, or 0.05%, to 7,286.83.

Shares of banks and financials did the heavy lifting today, up 1.4%. Telecom gained 1.2% and property rose 0.8%. IT weighed on the market, falling 1.9%, while energy and materials both declined 1%.

 

Shares of banks and financials advanced, with Westpac jumping 5% after its first-half cash earnings more than tripled from last year's plunge, helped by money it had previously set aside to cover potential COVID-19 losses.

Metals and mining stocks declined due to subdued iron ore and copper prices, with sector heavyweights BHP Group and Rio Tinto shedding 1.4% and 0.9% respectively.

In economic news, home prices continued to rise broadly in April with national home prices up 1.8% for the month. House prices rose faster than apartments across the capital cities.

In currency news, the US dollar index, which tracks the greenback against a basket of its peers, was at 91.24 after rising late last month from below 90.9. The Australian dollar changed hands at $0.7728, following its tumble in late April from above $0.776.

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