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Aussie share market flat as energy weighs

SYDNEY
2020-12-08 09:38

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SYDNEY, Dec. 8 (Xinhua) -- The Australian share market opened flat on Tuesday with tech lifting and energy weighing.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 2.90 points or 0.043 percent at 6,677.90, while the broader All Ordinaries index was up 1.90 points or 0.027 percent at 6,910.80.

Early trade on the Aussie share market reflected moves overseas where equities slid in the U.S. and Europe with the exception of tech stocks.

Australia's tech sector was firmly improved and comfortably leading gains in early trade, up around 1.3 percent.

"In the U.S. buyers appeared to revert to their favourite tech stocks, lifting the Nasdaq into the green," CMC Markets chief market strategist Michael McCarthy said.

Meanwhile energy stocks were the biggest weight, sinking close to 1 percent following a drop in the price of oil.

In the financial space, the big banks rallied with Commonwealth Bank down (0.16 percent), Westpac Bank down (0.84 percent), ANZ down (0.51 percent) and National Australia Bank down (0.56 percent).

Mining stocks were mostly lower with Rio Tinto down (0.69 percent), BHP down (0.57 percent) and Fortescue Metals down (1.03 percent), however goldminer Newcrest was up (2.09 percent).

The country's oil and gas producers sank with Oil Search down (2.10 percent), Santos down (1.52 percent) and Woodside Petroleum down (1.21 percent).

Australia's largest supermarkets varied with Coles down (0.60 percent), and Woolworths up (0.51 percent).

Meanwhile telecommunications giant Telstra dropped (0.33 percent), the national carrier Qantas fell (1.09 percent) and biomedical firm CSL bounced (1.01 percent).
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