Aussie share market bounces on improved trade outlook

Source: Xinhua| 2019-08-27 09:22:18|Editor: ZX
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SYDNEY, Aug. 27 (Xinhua) -- Australian share market opened higher on Tuesday as international trade tensions once again eased giving investors some room to breath.

At 10:45 (AEST), the Australian share market was up 10.50 points or 0.16 percent at 6,450.60, while the broader All Ordinaries index was up 13.60 points or 0.21 percent at 6,544.60.

“A change in tone from the White House helped lift stocks overnight, although bond and gold prices remain firm at all-time or multi-year highs,” CMC Markets' chief market strategist Michael McCarthy said.

Locally, tech stocks were most improved following a strong lead from overseas markets while consumer discretionary and healthcare also gained.

However, energy sank as did consumer staples while most other sectors were relatively subdued.

In the financial space, Australia’s big banks were mostly higher with the Commonwealth Bank up (0.26 percent), ANZ up (0.34 percent), and the National Australia Bank up (0.44 percent), however Westpac Bank was down (0.05 percent).

Mining stocks were also mostly higher with Fortescue Metals up (4.05 percent), BHP up (0.56 percent) and Rio Tinto up (1 percent), however goldminer Newcrest was down (3.08 percent).

The country’s oil and gas producers were mixed with Oil Search up (0.31 percent), Santos down (1.55 percent), and Woodside Petroleum down (0.23 percent).

Australia’s largest supermarkets sank with Coles down (0.81 percent), and Woolworths down (0.11 percent).

Meanwhile telecommunications giant Telstra jumped (0.14 percent), the national carrier Qantas took off (1.96 percent) and biomedical firm CSL dropped (0.12 percent).

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