Aussie share market opens higher despite weaker overseas leads

2021-02-23 09:27

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SYDNEY, Feb. 23 (Xinhua) -- The Australian share market opened higher on Tuesday, shrugging off downbeat leads from Wall Street overnight as booming commodities lent strong support to the sentiment.

At 10:30 (AEST), the benchmark S&P/ASX 200 index was up 7.80 points or 0.12 percent at 6,788.70, while the broader All Ordinaries index was up 5.30 points or 0.075 percent at 7,066.90.

Both major mining companies and oil producers were higher on surging commodity prices, led by oil search, which jumped over 8 percent and the outperforming resources sector once again lent the biggest support to the overall market, with further help from financials and real estate.

Information technology was the biggest weight in the morning trade, diving over 4 percent, with the fall from consumer discretionary and communication services also weighing on the market.

"U.S. technology stocks fell in overnight trading as the global bond sell off resumed," CMC Markets chief market strategist Michael McCarthy said.

"Industrial commodities and the U.S. dollar continue to respond to an improving economic outlook, but bond and stock markets are grappling with the dark side of growth - inflation."

In the financial space, Australia's big banks were mostly lower with ANZ down (0.49 percent), National Australia Bank down (0.08 percent) and Westpac Bank down (0.38 percent). However, the Commonwealth Bank was up (0.10 percent).

Mining stocks boosted with Rio Tinto up (1.24 percent), BHP up (1.64 percent), Fortescue Metals up (0.24 percent), and gold miner Newcrest up (3.41 percent).

The country's oil and gas producers surged with Oil Search up (8.40 percent), Santos up (5.04 percent), and Woodside Petroleum up (3.46 percent).

Australia's largest supermarkets sank with Coles down (0.68 percent), and Woolworths down (0.18 percent).

Meanwhile, telecommunications giant Telstra was down (1.23 percent), the national carrier Qantas soared (4.98 percent) and biomedical firm CSL slipped (0.30 percent).
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