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Aussie share market surges with broad gains

2021-03-01 14:42

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SYDNEY, March 1 (Xinhua) -- The Australian share market kicked off the new month with its best daily gain since November 9, 2020, with broad-based gains led by real estate, tech and healthcare stocks.

At the market close Monday, the benchmark ASX 200 index was up 116.30 points or 1.74 percent at 6,789.60, while the broader All Ordinaries index was up 102.10 points or 1.47 percent at 7,042.70.

"Aussie shares are off to a positive start to the new week and month, rebounding strongly from the sharp falls last Friday," CommSec market analyst James Tao said.

"Advancers are rather widespread with nearly all sectors in the green. Property, technology and healthcare are experiencing some of the larger improvements."

The Reserve Bank of Australia doubled the size of its daily bond purchases to 4 billion Australian dollars (3.10 billion U.S. dollars) on Monday, which immediately drove the yield of longer-term bonds down.

In the financial space, the big banks surged with Commonwealth Bank up 3.13 percent, National Australia Bank up 2.03 percent, Westpac Bank up 1.55 percent and ANZ up 1.61 percent.

Mining stocks were mixed with BHP up 1.95 percent, Rio Tinto up 0.40 percent, Fortescue Metals down 5.93 percent, and gold miner Newcrest down 0.73 percent.

The country's oil and gas producers surged with Oil Search up 1.89 percent, Santos up 2.49 percent and Woodside Petroleum up 2.40 percent.

Australia's largest supermarkets surged with Coles up 1.11 percent, and Woolworths up 2.26 percent.

Meanwhile telecommunications giant Telstra surged 2.27 percent, the national carrier Qantas remained unchanged and biomedical firm CSL soared 2.93 percent.
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