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Miners, banks lift Australian share market higher

Sep 07, 2020

Sydney (Australia), September 7: The Australian share market ended higher on Monday after a rocky session, as the major miners and banks helped offset weakness in industrials and energy.
At the market close the benchmark S&P/ASX 200 index was up 19.30 points or 0.33 percent at 5,944.80, while the broader All Ordinaries index was up 21.10 points or 0.35 percent at 6,129.90.
"After a sharp fall in the opening 20 minutes, the Aussie market has swung back into positive territory at lunch on Monday," said CommSec market analyst James Tao.
"Helping to drive the turnaround domestically are gains for some of the heavyweight stocks and sectors like the big miners, banks, and health stocks. "
Materials and financials rose 1.6 percent and 0.9 percent respectively. Meanwhile, Australia's leading biotechnology company CSL Limited surged 1.10 percent after it secured agreements to produce Oxford University and University of Queensland COVID-19 vaccines.
In the financial space, the big banks surged with Commonwealth Bank up (0.96 percent), ANZ up (1.80 percent), National Australia Bank up (1.50 percent), and Westpac Bank up (1.88 percent).
Mining stocks soared with Rio Tinto up (2.47 percent), BHP up (2.40 percent), Fortescue Metals up (2.06 percent) and gold miner Newcrest up (1.26 percent).
The country's oil and gas producers varied with Oil Search up (0.97 percent), Santos down (0.75 percent), and Woodside Petroleum down (0.53 percent).
Australia's largest supermarkets slipped with Coles down (0.29 percent), and Woolworths down (1.32 percent).
Meanwhile, telecommunications giant Telstra surged (1.41 percent), the national carrier Qantas jumped (0.77 percent) and biomedical firm CSL soared (1.10 percent).
Source: Xinhua News Agency