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Aussie share market ends slightly higher as miners surge

Xinhua News,SYDNEY
2020-12-02 14:57

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SYDNEY, Dec. 2 (Xinhua) -- The Australian share market finished marginally higher on Wednesday as new data showed the economy had emerged from recession.

At the market close the benchmark S&P/ASX 200 index was up 1.70 points or 0.03 percent at 6,590.20, while the broader All Ordinaries index was down 0.90 points or 0.01 percent at 6,811.30.

National accounts figures released on Wednesday showed the Australian economy grew by 3.30 percent in the September quarter, after shrinking by 7 percent in the June quarter and 0.30 percent three month earlier.

"While GDP is still down 3.80 percent over the year, today's growth represents the end of Australia's technical recession (two straight quarters of contraction)," CommSec market analyst Steven Daghlian said.

"On Wednesday, the market is being pulled in different directions by gains from mining companies and industrials, and losses from most other sectors. "

In the financial space, the big banks were mixed with Commonwealth Bank down (0.19 percent), National Australia Bank down (0.17 percent), Westpac Bank up (0.10 percent) and ANZ up (0.66 percent).

Mining stocks were mostly higher with BHP up (1.95 percent), Rio Tinto up (1.98 percent), and gold miner Newcrest up (0.07 percent), however, Fortescue Metals was down (0.55 percent).

The country's oil and gas producers surged with Oil Search up (0.82 percent), Santos up (0.48 percent) and Woodside Petroleum up (0.99 percent).

Australia's largest supermarkets varied with Coles down (0.11 percent), and Woolworths up (0.51 percent).

Meanwhile telecommunications giant Telstra slumped (0.97 percent), the national carrier Qantas surged (1.46 percent) and biomedical firm CSL slumped (1.16 percent).
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