Aussie share market lifts despite weight from banks

Xinhua News,SYDNEY
2020-10-26 08:44

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SYDNEY, Oct. 26 (Xinhua) -- The Australian share market lifted at open on Monday, with tech leading gains and energy offering support, despite a drop in the financial sector.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 33.10 points or 0.54 percent at 6,200.10 points.

Tech stock led early market gains, posting a 2 percent lift, while most other sectors were offering firm support.

Notable exceptions were financials and materials, which weighed on the market with widespread losses.

Meanwhile, local beverage producer Coca Cola Amatil revealed early Monday it had received a 9.3-billion-Australian dollar offer (6.6 billion U.S. dollars) for its operations from Coca Cola Europe.

News of the merger offer saw the local company's share price surge close to 15 percent in early trade, reaching its highest level since the start of the year.

In the financial space, the big banks were mostly lower with Commonwealth Bank down 0.04 percent, Westpac Bank down 0.16 percent and National Australia Bank down 0.51 percent, however ANZ was up 0.15 percent.

Mining stocks were also lower with BHP down 0.11 percent, Rio Tinto down 0.14 percent and Fortescue Metals down 0.36 percent, however goldminer Newcrest was up 0.03 percent.

The country's oil and gas producers rallied with Oil Search up 0.52 percent, Santos up 0.19 percent and Woodside Petroleum up 0.60 percent.

Australia's largest supermarkets lifted with Coles up 0.58 percent, and Woolworths up 1.29 percent.

Meanwhile telecommunications giant Telstra bounced 0.73 percent, the national carrier Qantas took off 1.65 percent and biomedical firm CSL surged 1.25 percent.
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