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Aussie share market rallies as resources, tech surge

SYDNEY
2021-01-15 08:52

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SYDNEY, Jan. 15 (Xinhua) -- The Australian share market lifted at open on Friday on the back of gains by the resource and tech sectors.

At 10:30 (AEST), the benchmark S&P/ASX 200 index gained 27.70 points, or 0.41 percent, to 6,743.00, while the broader All Ordinaries index was up 28.30 points, or 0.41 percent, at 7,011.00.

A surge in resource stocks offset weight from consumer shares and healthcare which were down around half a percent in early trade.

"Enthusiasm for growth exposures supported crude oil and copper in overnight trading. Both of these key industrial inputs are in clear uptrends," CMC Markets chief market strategist Michael McCarthy said.

Also lending support were tech stocks which continued recent strength with a 1.4-percent rally to start the day, led by a more than 5 percent rally from local fintech giant Afterpay.

In the financial space, the big banks were mostly higher with ANZ up (0.08 percent), National Australia Bank up (0.63 percent) and Westpac Bank up (0.71 percent), however Commonwealth Bank was down (0.24 percent).

Mining stocks were mostly higher with Rio Tinto up (1.92 percent), Fortescue Metals up (1.25 percent) and BHP up (3 percent), however goldminer Newcrest was down (1.69 percent).

The country's oil and gas producers rallied with Oil Search up (3.18 percent), Santos up (1.07 percent) and Woodside Petroleum up (2.03 percent).

Australia's largest supermarkets dropped with Coles down (1.17 percent), and Woolworths down (0.81 percent).

Meanwhile telecommunications giant Telstra sank (0.16 percent), the national carrier Qantas surged (1.46 percent) and biomedical firm CSL edged higher (0.09 percent).
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