Tag Archives: Australian shares

Australian stocks: Australian stocks finished lower as vaccine launches stalled | Instant News


Australian stocks ended lower on Friday, as the country joined a number of other nations in curbing usage Covid-19 vaccine and began overhauling the inoculation plan, although the index still showed its best week in nine.

The S & P / ASX 200 index settled 0.1 percent lower at 6,995.2 points at the close of trading, braking on its longest winning streak since early December.

Australia on Thursday made a policy change to recommend the use of Pfizer’s Covid-19 vaccine for people over 50 amid concerns about a link to the risk of blood clots with AstraZeneca injections.

“It seems that Pandora’s box has been opened with the AstraZeneca news,” said Brad Smoling, managing director at Smoling Stockbroking.

“With the government declaring vaccines not compulsory, societal divisions are now running smoothly and the negative news is getting louder.”

Health shares fell 0.8 percent with the giant sector

, which has a contract to manufacture 50 million doses of AstraZeneca’s vaccine domestically, fell by 1.4 percent.

Energy stocks fell 0.7 percent after US oil prices fell overnight. Woodside Petroleum and Santos fell by 1.4 percent and 1.5 percent, respectively.

However, not all commodities performed poorly. Gold stocks rose 1.7 percent for the fifth straight session, as gold prices hit the highest overnight level since February.

Technology shares rose 0.7 percent, reflecting the strong move on Wall Street overnight.

The Afterpay heavyweight index hit a high in more than a month after the buy-now-pay-later market leader said his stake in fast-growing US business had risen to 91 percent.

New Zealand’s benchmark S & P / NZX 50 index closed 0.5 percent lower at 12,574.4.

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Australian stocks: Australian stocks slipped as gold miners weighed, BHP hit record highs | Instant News


Australian stocks fell on Wednesday, dragged lower Gold miner on the back of weak, temporary gold bullion prices BHP beat the broader market and hit record highs as the broker increased its shares after the miner’s annual yield.

The S & P / ASX 200 fell 0.5 percent to 6,885.2 points at the close of trading, following gains in the last two sessions, and slipping from a one-year high on Tuesday.

Gold miners gave up 6.2 percent, marking their worst day in nearly three months, as inflation bets and prospects for further economic recovery led to a jump in US Treasury yields and helped the dollar strengthen.

Higher inflation boosts gold but also raises Treasury yields, which in turn increases the opportunity cost of holding gold bullion.

“There are potential signs that stronger inflation could come from the United States … which could certainly play a role in what we see as a very sharp downturn for gold miners today,” said James Tao, market analyst at CommSec.

Newcrest Mining closed at its lowest level in more than 10 months, while Northern Star Resources lost 7.6 percent.

Tech stocks slumped too, taking cues from US counterparts as tech heavy Nasdaq slipped overnight, with buy-now-pay-later giant Afterpay falling 3.7 percent and weighing heavily on the sub-index.

Health care shares fell 1.8 percent, with heavyweight CSL Ltd down 1.6 percent and ASX-listed medical equipment maker ResMed Inc shedding 4.2 percent.

Even though gold miners fell, mining stocks were the top gainers on the benchmark, with global miners BHP Ltd and rivals Rio Tinto increased by 3.4 percent and 3.6 percent, respectively.

Financial stocks were flat, even as Westpac shares jumped the most in three months after rebounding in first-quarter profit.

Three of the “Big Four” banks closed the session in positive territory.

New Zealand’s benchmark S & P / NZX 50 index edged up 0.5 percent to 12,673.97 points. Electric retailer Meridian Energy is the top winner on the exchange.

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Australian stocks: Australian stocks rise on US stimulus support; NZ ended at a record high | Instant News


By Arundhati Dutta

Australian stocks rose on Tuesday, boosted by financial and technology stocks, as market participants cheered on the long-awaited signing. Covid-19 pandemic assistance bill in the United States and the important Brexit deal.

The S & P / ASX 200 closed up 0.53 percent at 6,700.3, only 16.2 points higher than the start of the year.

US stock indexes hit a record closing high on Monday, after President Donald Trump withdrew his threat to block a $ 2.3 trillion pandemic aid bill, and signed it into law on Sunday.

Adding to the excitement, the UK clinched a narrow Brexit trade deal European Union on Thursday, limiting the scale of disruption from the divorce.

With only two trading days left for 2020, the Australian benchmark looks set to end a year of historic record highs and lows almost unchanged from where they started.

Tech stocks will emerge victorious in 2020 as consumers stuck at home as restrictions triggered by the coronavirus move online, while energy stocks will end up nearly 30 percent lower after a worldwide lockdown hits fuel demand.

Miners are also on an upward trajectory with a nearly 18 percent increase this year, with their gains projected to continue into 2021 helped by rising iron ore prices.

Tech stocks were the day’s top gainers, closing 1.9 percent higher, while Afterpay, up 4.3 percent, was the highest driver.

The financial sector was up 0.6 percent, with the “Big Four” banks up between 0.4 percent and 0.9 percent.

Energy stocks rose 0.4 percent, tracking higher oil prices amid expectations for higher fuel demand. Heavyweight sector Woodside Petroleum adding almost 1 percent.

Gold is the only major sub-index in the red zone, although gold prices are slightly up.

New Zealand’s benchmark S & P / NZX 50 index rose 1.6 percent and posted a record closing high of 13,246.77.

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Australian, NZ stocks slipped as investors avoided risk on dismal US jobs data | Instant News


Australian Shares on Thursday snapped a third straight session of gains, dragged lower by the financial heavyweights, because of a surprise gain in the US jobless claims weighing on sentiment and dampening vaccine-driven optimism in global equities.

The S & P / ASX 200 Index edged down 0.7% to finish the session at 6,636.4.

Initial jobless claims at United States of America rose for the second week in a row, suggesting that a surge in the number of COVID-19 and business restrictions is lifting layoffs and undermining a labor market recovery.

“Some of the bad data last night in the US on employment appears to have taken the wind off the ongoing announcements from companies about the virus,” said Brad Smoling, managing director at Smoling Stockbroking.

“We are starting to see, maybe some reality is creeping into the market, as the economic data starts to overcome positive announcements related to vaccines,” said Smoling.

Financial heavyweights posted their worst session in two weeks with the so-called “Big Four” banks falling between 1.3% – 2.4%

Energy stocks also fell with Worley and Whitehaven Coal dropping by 7% and 4.8%, respectively.

Bucking the trend, gold stocks advanced as weak US jobs data and surging COVID-19 cases raised fears of a rapid economic recovery, bolstering bullion’s safe-haven appeal.

Newcrest Mining and Northern Star Resources rose 1.8% and 3%, respectively.

Taking a cue from the tech pandemic-resilient Nasdaq, tech stocks in Australia were up nearly 1%, with buy-now-pay-it-later Afterpay recording more than 2% gain.

Bega Cheese shares were halted trading as the country’s biggest cheese maker plans to acquire Australian dairies from Japanese beverage giant Kirin Holdings.

The market, however, showed little reaction Telstra Corp, the country’s largest telecommunications company, agreed to pay a fine for selling postpaid cellular products to indigenous consumers they could not afford.

In New Zealand, the benchmark S & P / NZX 50 ended 0.5% lower, with electronic payment platform Pushpay Holdings being the main drag on the index.

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Australian stocks: Australian stocks rose as vaccine hopes lifted energy, travel stocks | Instant News


Australian Shares closed higher for the fourth consecutive session on Tuesday as progress in COVID-19 vaccine development raises hopes of a faster recovery in the global economy and supports hard-hit travel, tourism and energy stock.

The S & P / ASX 200 index, however, ended 0.7% higher after jumping 2.2% to a more than eight-month high earlier in the session as falling overnight bullion prices weighed on gold stocks.

Appetite risk got a global boost after US drug maker Pfizer and German partner BioNTech said their large-scale trials of their vaccine showed it was more than 90% effective at preventing COVID-19.

“Investors appear to have shifted from big technology to traditional industries that had long underperformed last night, starting a new chapter of sector rotation,” wrote Margaret Yang, a strategist with news and research website DailyFX, in a note.

“How to strike a balance between the rising pandemic wave and the hope of a vaccine is likely to be a major trade theme until the end of the year.”

Tourism and travel-related stocks such as Flight Center Travel Group, Sydney Airport Holdings and Qantas Airways each rose more than 8% on the news.

Energy stocks, which have been one of the worst hit by the pandemic as a result of plunging fuel demand, jumped 8.9% to record their best session since early April.

Nearly all stocks in the sub-index were higher, with Oil Search and Beach Energy each up more than 14%.

Financial heavyweights rose to their highest since June 10, with the “Big Four” bank adding between 3% and 7.6%.

The National Australia Bank ended 7.6% higher, overtaking its Sydney-based rival Westpac Banking Corp is the country’s second largest lender by market value.

However, tech and consumer stocks, which have so far benefited from the boom in online shopping and panic buying triggered by the pandemic, fell more than 3%.

Across the Tasman Sea, New Zealand’s benchmark S & P / NZX 50 index hit a record high before closing slightly higher at 12,612.39.

Investors’ attention will turn to a meeting of the country’s central bank on Wednesday, where it is expected to unveil a new one monetary policy a tool to push borrowing costs for lenders lower and keep the official interest rate at 0.25%.

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