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Budget News

  • Australia Stocks advance on Rio Tinto production results
  • January 19,2021  16:02
  • The Australian share market finished session higher on Tuesday, 19 January 2021, as investors risk sentiments bolstered on the back of better-than-expected gross domestic product (GDP) data of the world's second-largest economy China. Meanwhile, pleasing production results from mining giant Rio Tinto also underpinned sentiments. However, market gains capped as investors awaited comments from Treasury Secretary nominee Janet Yellen on stimulus later today and monetary policy decisions from the Bank of Japan and the European Central Bank on Thursday.

    At closing bell, the benchmark S&P/ASX200 added 79.58 points, or 1.19%, to 6,742.62. The broader All Ordinaries climbed up 79.63 points, or 1.15%, to 7,014.99.

    China's gross domestic product climbed 6.5% on year in the fourth quarter of 2020, the National Bureau of Statistics said on Monday, up from 4.9% in the three months prior. On a seasonally adjusted quarterly basis, GDP expanded 2.6%, slowing from 2.7% in Q3.

    Investors now look ahead to comments from Treasury Secretary nominee Janet Yellen on U.S. stimulus at the Senate confirmation hearing later today, with her prepared remarks calling on the federal government to act big. Also, Joe Biden is due to be inaugurated on Wednesday as the next U.S. president, while the Bank of Japan and the European Central Bank will unveil their monetary policy decisions on Thursday.

    Gains were broad based with every single sector advancing, with financials, materials and healthcare making the biggest impression on overall improvements while consumer staples and communications were experiencing some of the smaller gains.

    Shares of Rio Tinto advanced after the miner reported that its fourth-quarter Pilbara iron ore shipments remained steady on the period before at 89.9 million tons (mt) over the quarter and 2020 shipments came in at 330.6mt. 2021 guidance is expected to be between 325-340mt.

    Bingo Industries surged 20% after receiving an unsolicited takeover offer by a consortium led by private equity firm CPE Capital. The offer is highly conditional with a $3.50/share offer price, valuing BIN at ~$2.3 billion.

    CURRENCY NEWS: The Australian dollar changed hands at $0.7704, off levels above $0.775 seen late last week.

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