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Aussie share market lifts despite resource, bank turnaround

Xinhua News,SYDNEY
2020-11-12 08:19

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SYDNEY, Nov. 12 (Xinhua) -- The Australian share market opened modestly higher on Thursday as momentum from positive COVID-19 vaccine developments wore off.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 12 points or 0.19 percent at 6,461.70, while the broader All Ordinaries index was up 11.50 points or 0.17 percent at 6,662.60.

After performing strongly for the previous two days, energy stocks shed some of their value, however were still more than 15 percent improved over the previous five sessions.

Banks were also trending lower, as were industrials and utilities, while real estate stocks were flat after being among the top performers for the week.

Recording the biggest gains early on was communication services, buoyed by a more than 6 percent lift by telecommunications giant Telstra after the company revealed plans for a major restructure of its operations.

In the financial space, the big banks fell with Commonwealth Bank down (0.63 percent), Westpac Bank down (0.16 percent), ANZ down (0.07 percent) and National Australia Bank down (1.56 percent).

Mining stocks slumped with BHP down (0.33 percent), Rio Tinto down (0.06 percent), Fortescue Metals down (2.43 percent) and goldminer Newcrest down (0.65 percent).

The country's oil and gas producers varied with Oil Search up (0.28 percent), Santos down (1.34 percent) and Woodside Petroleum down (0.05 percent).

Australia's largest supermarkets rallied with Coles up (0.76 percent), and Woolworths up (0.55 percent).

Meanwhile telecommunications giant Telstra surged (5.02 percent), the national carrier Qantas dropped (1.27 percent) and biomedical firm CSL rallied (0.86 percent).
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