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

Australia Stocks extend rally to sixth day

Capital Market 

The Australian share market finished higher for sixth straight session on Tuesday, 08 December 2020, following a positive lead from Wall Street and improvement in business sentiments. At closing bell, the benchmark S&P/ASX200 inclined 12.71 points, or 0.19%, to 6,687.73. The broader All Ordinaries added 13.27 points, or 0.19%, to 6,922.18.

A recovery from most of the banks (with the exception of Westpac), together with strong improvements from gold miners, technology companies, healthcare and consumer staples helped keep the ASX 200 in positive territory.

Link (LNK) was one of the day's best improvers after receiving another takeover offer. The share registry company surged by 13.7 per cent after US listed SS&C Technology Holdings offered $5.65 per share in cash (~$3bn) for LNK. This is a 14 per cent premium to Monday's closing price.

After receiving another takeover offer in recent months, LNK shares surged by close to 30 per cent in October.

The energy stocks declined as oil prices remained under pressure during Asian trading hours. Shares of Santos fell 2%, Oil Search was down 1.6% and Woodside Petroleum fell 0.2%.

ECONOMIC NEWS: Australia House Price Index Climbs 0.8% In Q3-- Australia house price index climbed 0.8 percent on quarter in the third quarter of 2020, the Australian Bureau of Statistics said on Tuesday after sinking 1.8 percent in the three months prior. On a yearly basis, the house price index climbed 4.5 percent after rising 6.2 percent in Q2. The total value of residential dwellings in Australia rose A$87.8 billion to A$7,283.3 billion in Q3, while the mean price of residential dwellings rose A$5,400 to A$689,500.

Australia NAB Business Conditions Suggests Rapid Rebound In Economy In November-- Australian business conditions and confidence improved in November suggesting a rapid rebound in the economy as restrictions were eased and state borders opened up, survey data from the National Bank of Australia showed Tuesday. The business conditions index climbed to 9 in November from 2 in October. Likewise, the business sentiment indicator advanced to 12 from 3 a month ago.

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: Tue, December 08 2020. 16:55 IST