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Australia Market extends gain | Business Standard News

The Australian share market finished higher for sixth straight session on Tuesday, 29 March 2022, thanks to gains in technology and banking stocks, although the gains were capped by losses in miners and energy stocks.

At closing bell, the benchmark S&P/ASX200 advanced by 6.17 points, or 0.08%, to 7,412.42. The broader All Ordinaries index fell 0.61 point, or 0.01%, to 7,689.26.

The gains on the Sydney market were driven by the resumption of peace talks between Russia and Ukraine. Ukrainian and Russian negotiators met in Turkey on Tuesday for the first face-to-face talks in nearly three weeks. Ukraine and the United States hold little hope of an immediate breakthrough.

Shares of technology companies advanced on bargain hunting on tracking overnight gains in their Wall Street peers. Block Inc soared 6.8%, while accounting software provider Xero gained 3.3%.

Financials were also higher, with the “Big Four” banks climbing between 0.2% to 1.1%.

Miners and mining stocks were lower on raising concerns about commodity demand after China enforced a COVID-19-led lockdown in Shanghai.

Sector majors Rio Tinto and BHP Group lost 1.4% and 0.6%, respectively.

Energy stocks shed on and worries about fuel demand in China. Oil majors Santos and Woodside Petroleum lost between 0.3% and 1.1%.

ECONOMIC NEWS: Australia Retail Sales Up 1.8% On Month In February- Australia retail sales was up a seasonally adjusted 1.8% on month in February, the Australian Bureau of Statistics said on Tuesday, coming in at A$33.085 billion, following the downwardly revised 1.6 % increase in January (originally 1.8%). Individually, sales were up for household goods, clothing, department stores and restaurants; Sales were down for food retailing and other retailing. On a yearly basis, retail sales climbed 9.1%.

CURRENCY NEWS: The US dollar index, which tracks the greenback against a basket of its peers, was at 98,988 falling back from levels around 99 earlier. The Australian dollar was at $0.7508, a touch stronger than levels around $0.74 earlier.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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