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Aussie share market opens higher following wall street's solid gain overnight

SYDNEY
2021-02-02 09:22

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SYDNEY, Feb. 2 (Xinhua) -- The Australian share market was edged higher at open on Tuesday following Wall Street rally overnight, led by technology share rebounding from last week's market sell-off.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 47 points or 0.70 percent at 6,710.00, while the broader All Ordinaries index was up 33 points or 0.47 percent at 6,984.20.

Most sectors were trending higher, led by information technology which surged over 3 percent. Health care was the biggest weight on the overall market, dropping near 1 percent, followed by consumer staples and real estate.

Meanwhile, mining shares were on the rise as the retail investors' focus reportedly shifted to silver.

"Silver miners Hecla Mining (+28.3 percent), Coeur Mining (+23.1 percent) and Wheaton Precious Metals (+5.4 percent) surged as silver broke above 30 U.S. dollar an ounce for the first time since 2013," Commsec market analyst Ryan Felsman said.

In the financial space, Australia's big banks gained with the Commonwealth Bank up (1.37 percent), ANZ up (0.67 percent), National Australia Bank up (1.05 percent) and Westpac Bank up (0.80 percent).

Mining stocks were mixed with Rio Tinto up (3.13 percent), BHP up (2.00 percent), Fortescue Metals up (1.66 percent), however, gold miner Newcrest was down (0.57 percent)

The country's oil and gas producers rallied with Oil Search up (1.16 percent) and Santos up (1.76 percent), Woodside Petroleum up (1.75 percent).

Australia's largest supermarkets sank with Coles down (0.41 percent), and Woolworths down (0.90 percent).

Meanwhile, telecommunications giant Telstra slipped (0.48 percent), the national carrier Qantas surged (1.88 percent) and biomedical firm CSL slumped (1.73 percent).
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