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Aussie share market surges with tech leading gains

Aug 04, 2020

Sydney (Australia), Aug 4: Broad-based gains lifted the Australian share market higher on Tuesday, with tech stocks leading the pack, up 3.2 percent.
At the market close, the benchmark S&P/ASX 200 index was up 111.50 points or 1.88 percent at 6,037.60, while the broader All Ordinaries index was up 112.60 points or 1.86 percent at 6,166.50.
"All sectors are improving, with technology stocks standing out. The U.S. tech heavy Nasdaq rose by 1.5 percent and hit a record high last night," said CommSec market analyst Steven Daghlian.
"The defensive gold sub-sector is the only group of stocks in the red."
The Reserve Bank of Australia left the cash rate unchanged at 0.25 percent on Tuesday, despite Governor Philip Lowe saying that a six-week lockdown in the State of Victoria to control the spread of COVID-19 will have a significant impact on the local economy.
Meanwhile, latest data from the Australian Bureau of Statistics showed retail trade rose by 2.7 percent, while Australia recorded a trade surplus of 5.86 billion U.S. dollars in June.
In the financial space, the big banks surged with Commonwealth Bank up (2.23 percent), ANZ up (1.74 percent), National Australia Bank up (1.24 percent) and Westpac Bank up (1.52 percent).
Mining stocks were mostly higher with BHP up (1.66 percent), Rio Tinto up (2.33 percent) and Fortescue Metals up (1.90 percent). However, goldminer Newcrest was down (0.06 percent).
The country's oil and gas producers soared with Oil Search up (2.73 percent), Santos up (4.52 percent) and Woodside Petroleum up (1.70 percent).
Australia's largest supermarkets surged with Coles up (2.71 percent), and Woolworths up (2.43 percent).
Meanwhile telecommunications giant Telstra soared (2.35 percent), the national carrier Qantas climbed (2.19 percent) and biomedical firm CSL surged (2.37 percent).
Source: Xinhua News Agency