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Budget News

  • Australia Market rise 0.2%; Energy, banks lead rally
  • December 03,2021  16:18
  • The Australian share market finished session firmly higher on Friday, 03 December 2021, helped by gains in energy, materials, and financials stocks. At closing bell, the benchmark S&P/ASX200 advanced 15.99 points, or 0.22%, to 7,241.17. The broader All Ordinaries index added 7.49 points, or 0.1%, to 7,543.63.

    The top performing stocks in this index were PRO MEDICUS and WASHINGTON H SOUL PATTINSON & COMPANY, up 3.79% and 3.34% respectively. The bottom performing stocks in this index were TPG TELECOM and CODAN, down 8.61% and 4.7% respectively.

    Shares of energy companies advanced as crude oil prices extended gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant hits demand. Washington H Soul Pattinson and Co rose 3.8%, while Woodside Petroleum, Santos and Oil Search climbed 1-4%

    Materials and resources gained, with blue-chip miners BHP Group, Rio Rinto and Fortescue advancing between 2% and 3.5%.

    Financials were also higher, with all the Big Four banks advancing between 0.7% and 1.3%. Commonwealth Bank of Australia and National Australia Bank gained more than 1% each.

    ECONOMIC NEWS: Australia Services Sector Accelerates In November - Australia services sector continued to expand in November with a services PMI score of 55.7, the latest survey from Markit Economics revealed on Friday. That's up from 51.8 in October and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. The rate at which business activity rose was the fastest since June, prior to when the COVID-19 Delta wave hit the Australian economy. Incoming new business rose for a second straight month in November and at the fastest pace in five months, with the Information & Communication sector exhibiting the strongest growth in demand. The survey also showed that the composite index rose from 52.1 in October to 55.7 in November.

    CURRENCY NEWS: The Australian dollar was at $0.7063, off levels above $0.715 seen earlier in the week.

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