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The Australian stock market is gaining momentum after suffering losses in three sessions, and stock prices of major energy and financial companies are on the rise.
Benchmark S & P / ASX200 Index At 1200 AEST on July 4, it rose 92.7 points (1.42%) to 6,632.6.
at the same time, All Ordinaries IndexTracks the 500 largest listed companies on the Australian Stock Exchange (ASX), up 94.9 points (1.41%) to 6,815.3.
The rise came after a strong session on the New York Stock Exchange on July 1st, with all three major indices ending high before the July 4th holiday.
The financial sector led the rise in ASX as the stock prices of the four major banks, ANZ, Westpac and National Australia Bank, rose 1.8-2.3%.
Investor sentiment was stable ahead of the Reserve Bank of Australia’s next board meeting on July 5, and the market expected cash rates to rise another 0.5%.
Meanwhile, energy stocks rose as oil prices rose 2% over the weekend due to supply concerns.
In particular, the stocks of the major oil producers Woodside and Santos both rose 3%, while the stocks of Beach Energy rose 1.5%.
Mining stocks remain mixed
In comparison, mining stocks were mixed. Australia’s largest mining company, BHP, fell 0.8%, while rivals Rio Tinto and Fortescue Metals each grew 1%.
Gold producers enjoyed a solid session as Newcrest, Northern Star and Evolution rose 1.5-3%.
In addition, the market was pushed further out of the healthcare sector, with shares in Resmed, CSL and Ansel rising 1-3%.
On the losing side, Magellan Financial’s stock plummeted by more than 5% after reports of top sales executives leaving the investment company.
Similarly, Link Administration shares fell 1.6% to $ 3.74 (US $ 2.56) following a decision not to encourage shareholders to reduce takeover bids from Canadian legal technology firm Dye & Durham.
As of July 4th Australian dollar I was buying US $ 68.34 from 68.3 cents on July 1st.
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Alfred Bui is a Melbourne-based Australian reporter with a focus on local and business news. He is a former small business owner and holds two master’s degrees in business and business law. Contact him at [email protected].
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