AIRLINK 73.00 Decreased By ▼ -2.16 (-2.87%)
BOP 5.35 Decreased By ▼ -0.10 (-1.83%)
CNERGY 4.31 Decreased By ▼ -0.08 (-1.82%)
DFML 28.55 Increased By ▲ 0.91 (3.29%)
DGKC 74.29 Increased By ▲ 2.29 (3.18%)
FCCL 20.35 Increased By ▲ 0.06 (0.3%)
FFBL 30.90 Decreased By ▼ -0.15 (-0.48%)
FFL 10.06 Increased By ▲ 0.09 (0.9%)
GGL 10.39 Increased By ▲ 0.12 (1.17%)
HBL 115.97 Increased By ▲ 0.97 (0.84%)
HUBC 132.20 Increased By ▲ 0.75 (0.57%)
HUMNL 6.68 Decreased By ▼ -0.19 (-2.77%)
KEL 4.03 Decreased By ▼ -0.17 (-4.05%)
KOSM 4.60 Decreased By ▼ -0.17 (-3.56%)
MLCF 38.54 Increased By ▲ 1.46 (3.94%)
OGDC 133.85 Decreased By ▼ -1.60 (-1.18%)
PAEL 23.83 Increased By ▲ 0.43 (1.84%)
PIAA 27.13 Decreased By ▼ -0.18 (-0.66%)
PIBTL 6.76 Increased By ▲ 0.16 (2.42%)
PPL 112.80 Decreased By ▼ -0.36 (-0.32%)
PRL 28.16 Decreased By ▼ -0.59 (-2.05%)
PTC 14.89 Decreased By ▼ -0.61 (-3.94%)
SEARL 56.42 Decreased By ▼ -0.91 (-1.59%)
SNGP 65.80 Decreased By ▼ -1.19 (-1.78%)
SSGC 11.01 Decreased By ▼ -0.16 (-1.43%)
TELE 9.02 Decreased By ▼ -0.12 (-1.31%)
TPLP 11.90 Decreased By ▼ -0.15 (-1.24%)
TRG 69.10 Decreased By ▼ -1.29 (-1.83%)
UNITY 23.71 Increased By ▲ 0.06 (0.25%)
WTL 1.33 Decreased By ▼ -0.01 (-0.75%)
BR100 7,434 Decreased By -20.9 (-0.28%)
BR30 24,206 Decreased By -44.4 (-0.18%)
KSE100 71,359 Decreased By -74.1 (-0.1%)
KSE30 23,567 Increased By 0.5 (0%)
Markets

Australia shares hit near 10-month closing high on faster recovery projection

  • Tech stocks continued their winning streak, closing at a record level. Afterpay was the biggest gainer in the index, marking a record closing level for the fourth session in a row.
Published December 17, 2020

Australian shares jumped on Thursday to their highest close in nearly 10 months, as projection of a faster economic recovery next year, and strong November employment data lifted sentiment.

The S&P/ASX 200 index settled 1.2% higher at 6,756.70, its highest close since Feb. 25, and marking a second straight session of gains.

Australia's treasurer, Josh Frydenberg, said the economy would grow 4.5% in 2021, up from a previous estimate of 4.25% made just two months before, signalling a quicker recovery from the first recession in three decades.

Supporting the projection, November employment figures beat expectations, pushing the jobless rate lower in a sign that monetary and fiscal stimulus was bringing the country back on its feet after the pandemic blows.

Frydenberg said resource exports were expected to rise 5% in 2021/22 even with rising tensions with China, the country's largest trading partner.

"With Australia placed to benefit from rising commodity demand in 2021 as the world's recovery gathers pace and the local economy recovers strongly, Australian equity markets head into the year-end in rude health," said Jeffrey Halley, a senior market analyst at OANDA.

Heavyweight miners and financials were the top boosts, adding 1.7% and 1%, respectively. All "Big Four" banks ended in positive territory, while mining giants BHP Group and Rio Tinto gained about 1.8% each.

Tech stocks continued their winning streak, closing at a record level. Afterpay was the biggest gainer in the index, marking a record closing level for the fourth session in a row.

In New Zealand, the benchmark S&P/NZX 50 index added 0.5% to close at 12,888.77.

The economy grew a record 14% in the third quarter, and 0.4% annually, beating expectations on both counts as industrial and commercial activity rebounded from the pandemic lows.

Comments

Comments are closed.