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Aussie share market flat as materials weigh on tech rally

SYDNEY
2021-01-08 08:59

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SYDNEY, Jan. 8 (Xinhua) -- The Australian share market opened flat on Friday with a tech rally offsetting weight from the country's mining sector.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 5.60 points or 0.083 percent at 6,717.60, while the broader All Ordinaries index was up 6.30 points or 0.090 percent at 6,986.80.

Tech stocks were among the most improved in early trade on the back of a rally by their U.S. counterparts, with local fintech giant Afterpay surging over 4.5 percent.

Most other sectors were more modestly improved with news from the day before that Australia would bring forward its COVID-19 vaccination program helping confidence.

Tempering gains was weight from resource stocks, with iron ore miners sinking after posting solid gains throughout the week.

In the financial space, the big banks were mixed with Commonwealth Bank up (0.27 percent), ANZ down (0.13 percent), National Australia Bank up (0.15 percent) and Westpac Bank up (0.25 percent).

Mining stocks were mostly lower with Rio Tinto down (1.75 percent), Fortescue Metals down (0.66 percent) and BHP down (0.92 percent), however goldminer Newcrest was up (0.52 percent).

The country's oil and gas producers varied with Oil Search up (1.32 percent), Santos down (0.43 percent) and Woodside Petroleum down (0.70 percent).

Australia's largest supermarkets varied with Coles up (0.93 percent), and Woolworths down (0.32 percent).

Meanwhile telecommunications giant Telstra bounced (0.50 percent), the national carrier Qantas dropped (0.61 percent) and biomedical firm CSL bounced (0.49 percent).
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