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  • Australia: Stocks gain on stronger commodity prices
  • February 25,2021  16:07
  • The Australian share market finished session higher on Thursday, 25 February 2021, with shares in miners and energy players leading rally on the back of strength in commodities prices. At closing bell, the benchmark S&P/ASX200 added 56.21 points, or 0.83%, to 6,834.03. The broader All Ordinaries rose 56.33 points, or 0.8%, to 7,105.69.

    Mining stocks rose, helped by a jump in iron ore futures on expectations for a rebound in global demand, and as copper prices soared after the U.S. Federal Reserve signalled continued supportive measures. Global miners BHP Group and Rio Tinto jumped 3.3% and 1.9%, respectively.

    Energy stocks gained as oil prices soared to a 13-month high, helped by expectations for continued accommodative monetary policies and lower crude production in the United States. Oil & gas explorers Woodside Petroleum and Santos Ltd closed 2.7% and 3% higher, respectively.

    Technology stocks followed their U.S. peers higher. Buy-now-pay-later giant Afterpay entered a trading halt after saying it was exploring an additional stock listing abroad.

    Link Administration Holdings gained 2.3% after the superannuation services provider said shareholders of its unit PEXA agreed to explore the possibility of taking the online property transaction firm public.

    Flight Centre (FLT) jumped close to 9% despite swinging into a first half loss of $233 million from $22 million profit last year. Revenue was down 90% as COVID-19 travel restrictions hamper tourism .

    A2M in particular was weighed down by investor reaction to the release of profit results. A2M was the worst performer among the ASX 200 with a 16.2 slide. The dairy and infant formula maker saw profits fall 35% to NZ$120 million with border closures hampering its daigou trade. A2M also lowered FY earnings guidance for a third time in five months.

    ECONOMIC NEWS: Australia Private Capex Up 3% On Quarter In Q4- Australia private capital expenditure was up 3% on quarter in the fourth quarter of 2020, the Australian Bureau of Statistics said on Thursday, following the 3.0% decline in the three months prior. Capex for buildings and structures rose 0.7% in the December quarter 2020, while capex for equipment, plant and machinery rose 5.7% in the December quarter 2020. Capex for mining fell 1.4% in the December quarter 2020, while capex for non-mining rose 4.9% in the December quarter 2020.

    CURRENCY NEWS: The Australian dollar changed hands at $0.7974, stronger then levels below $0.784 seen last week.

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