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Aussie share market flat despite tech surge

Xinhua News,SYDNEY
2020-10-20 08:46

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SYDNEY, Oct. 20 (Xinhua) -- The Australian share market opened flat on Tuesday with materials weight offsetting a tech surge.

At 11:00 (AEST), the benchmark S&P/ASX 200 index was up 0.70 points or 0.011 percent at 6,230.10, while the broader All Ordinaries index was up 0.60 points or 0.0093 percent at 6,436.20.

Local tech stocks jumped over 2 percent in early trade as financial tech company Afterpay led gains with a 5 percent surge, pushing the share price over 100 Australian dollars for the first time ever.

This followed the announcement of a platform sharing deal with one of Australia's major banks, Westpac, which conversely saw its share price drop.

Meanwhile the country's miners were the biggest weight, with losses by major iron ore companies BHP and RIO Tinto.

In the financial space, the big banks were mostly higher with Commonwealth Bank up (0.41 percent), National Australia Bank up (0.05 percent) and ANZ up (0.56 percent), however Westpac Bank was down (0.56 percent).

Mining stocks varied with BHP down (0.74 percent), Rio Tinto down (0.32 percent), Fortescue Metals up (1.31 percent) and goldminer Newcrest up (0.19 percent).

The country's oil and gas producers were also mixed with Oil Search up (0.18 percent), Santos down (0.58 percent) and Woodside Petroleum up (0.05 percent).

Australia's largest supermarkets lifted with Coles up (0.67 percent), and Woolworths up (0.08 percent).

Meanwhile telecommunications giant Telstra sank (0.53 percent), the national carrier Qantas was unchanged (0 percent) and biomedical firm CSL dropped (0.21 percent).
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