ASX ends higher after Wall Street’s lead

July 21, 2021 - 3 days ago
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The Australian share market elevated out of the bearish trenches on Wednesday after a major comeback on Wall Street on Tuesday, with U.S. stocks rebounding sharply from Monday’s sell-off.

Except for industrials and information technology, nine sectors advanced into positive territory as investors stepped in to ‘buy the dip’ after yesterday’s sell-off, which was sparked from fears about inflation and the Delta variant of COVID-19.

At the closing bell, the benchmark S&P/ASX 200 index rose +56.5 points, or +0.78%, to 7,308.7, while the All Ordinaries added +55.1 points, or +0.73%, to 7,580.9.

Health Care were the star performer as Biotechnology giant CSL climbed +1.27% to $290.13, while ResMed rose +1.08%, to $34.76, Fisher & Paykel Healthcare advanced +0.91%, to $30.09, and Cochlear rose +1.38%, to $244.43.

Woodside Petroleum slid -0.09% to $21.88, while Oil Search ended up +3.59%, to $4.04, Santos climbed +1.23%, to $6.57, Beach Energy ended down -3.2%, to $1.21 and Worley climbed +1.1%, to $11.07.

Technology stocks slipped with Buy-now-pay-later giant Afterpay tumbling -0.38%, to $106.21, accounting software provider Xero dropped -0.63%, to $140.11, Altium fell -5.04%, to $32.81, Megaport added +0.06%, to $15.79, NEXTDC rose +0.32%, to $12.54, EML climbed +2.11%, to $3.87, Zip Co rose +2.29%, to $7.58 and Nearmap added +2.38%, to $2.15.

Materials remained in positive territory, with BHP Group leading the titans higher after climbing +1.32%, to $49.89, while Rio Tinto rose +1.17% to $125.87, and Fortescue Metals Group added +0.48%, to $25.29.

Gold stocks were mixed, with Newcrest Mining falling -0.15% to $26.07, Northern Star Resources rose +0.1% to $10.21, and Evolution Mining Ltd lost -2.86% to $4.07.

The Financial sector strengthened with Australia and New Zealand Banking Group leading the “Fab Four” (banks) higher after settling at a +1.21% gain to $27.65, while Commonwealth Bank ended up +0.83%, to $98.42, National Australia Bank added +1.06%, to $25.74, Westpac Banking Corp rose +0.98%, to $24.76 and Macquarie Group gained +1.28% and settled at $155.17.

Supermarket giants Coles and Woolworths were mixed as Coles fell -0.46% to $17.28, while its rival Woolworths added +1.12% to $38.93 and Endeavour added +1.73% to $6.46.

E-commerce group Kogan tumbled +1.45% and settled at $11.56, while Seek fell -0.68% to $30.69.

Meanwhile, JB Hi-Fi slipped -0.02% to $49.50, while Telstra ended flat at $3.73, while Wesfarmers advanced +2.34%, to $61.28, Aristocrat Leisure dropped -0.65%, to $41.19 and QBE Insurance rose +1.44% to $10.58.

Travel stocks were firmer with Sydney Airport falling -0.77%, to $7.75, Corporate Travel Management rose +2.97%, to $20.12, Flight Centre added +1.4%, to $14.51, and Webjet rose +1.28% to $4.75.

Meanwhile, our local currency, the Australian dollar, is currently buying US$0.7314 (as of writing).

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