Australia Stocks extend gains to fourth session

The Australian share market finished higher for fourth successive session on Friday, 03 July 2020, as the investors inherited a positive lead from Wall Street's overnight that reflected stronger-than-expected U.S. jobs data and a record surge in domestic retail sales.

At closing bell, the benchmark S&P/ASX200 index added 25.16 points, or 0.42%, to 6,057.88. The broader All Ordinaries rose 21.43 points, or 0.35%, to 6,163.73.

Healthcare stocks jumped, with heavyweight CSL rising 2.7% and Cochlear climbing 5.9% after the hearing aid maker got a U.S. Food and Drug Administration approval for four new products.

Westpac Banking Corp fell 0.4% after the lender joined a growing list of big companies which admitted to underpaying staff.

 

Adbri (ABC) shares slid 25% after a subsidiary, Cockburn Cement, lost a lucrative lime supply contract with Alcoa which will expire in June next year. The contract adds approximately A$70 million in annual revenue.

ECONOMIC NEWS: Australia's retail sales increased 16.9% in May from April, according to the Australian Bureau of Statistics, to A$28.9 billion. This figure followed the 17.7% drop in retail spending in April. Sales were also up over 5% on May last year.

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