Australia Stocks end tad higher

The Australian share market finished session marginally up on Tuesday, 07 September 2021, after the Reserve Bank of Australia left benchmark lending rate, while sentiment was tepid as authorities struggled to contain the Delta variant despite lockdowns.

At closing bell, the benchmark S&P/ASX200 advanced marginal 1.85 points, or 0.02%, to 7,530.34. The broader All Ordinaries added 2.56 points, or 0.03%, to 7,826.36.

The Reserve Bank of Australia (RBA) said there would be no rate change till 2024 and surprised some by cutting its bond buying by A$1 billion a week to A$4 billion, though it also extended the programme to at least mid-February. There had been speculation it would delay the tapering altogether given stay-at home orders in Sydney, Melbourne and Canberra were set to cause a vicious economic contraction this quarter.

 

Shares of materials and resources declined on weaker iron ore prices, with Rio Tinto and Fortescue Metals Group losing 2-3 percent. Gold miners Evolution and Newcrest ended down over 1 percent.

Energy stocks gained as oil prices traded mixed in Asian trade amid bargain hunting following recent losses.

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