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The Australian share market finished session higher on Thursday, 29 July 2021, as bargain hunting resumed, with 8 of 11 sectors gained along with the S&P/ASX 200 Index, led by information technology, materials, and healthcare stocks. At closing bell, the benchmark S&P/ASX200 advanced 38.10 points, or 0.52%, to 7,417.39. The broader All Ordinaries increased 45.64 points, or 0.6%, to 7,695.25. Market risk sentiments underpinned on China's efforts to soothe market nerves and the Federal Reserve's reassurance that it's moving very gradually toward tapering stimulus if the U.S. makes more economic progress. Federal Reserve Chairman Mr. Powell stressed that vaccination have been major support in the USA economic recovery; but cautioned that their slowing pace and delta variant of coronavirus remain key risks. He further stressed that Federal Reserve continues to study the feasibility to begin tapering its US$120bn monthly bond buying programme, which mostly depends upon economic data. With regards to inflation, he again reiterated that inflation is likely to come back to closer to Fed's 2% target. However, market gains capped amid lingering concerns over the country's economic outlook after New South Wales COVID-19 lockdown has been tightened again, after 239 new infections were announced — the highest daily number since the virus first arrived in the state early last year. The country's most populous city of Sydney extended a coronavirus lockdown by another four weeks until August 28 as it fights a flare-up of the virulent Delta coronavirus variant. Information technology sector was top gainers in the ASX200 index, led by Iress, up 13.9%, after it had rejected two bids from private equity firm EQT, the latest of which valued the software provider at up to A$2.96 billion, as they did not provide compelling value to its shareholders.. Shares of materials climbed up, with Fortescue Metals rallied 1.9% after it reported record iron ore shipments for the quarter ending June. Heavyweights BHP and Rio Tinto gained 1.6% and 1.5%, respectively while Mineral Resources jumped as much as 3.7%. Gold miners also ended broadly higher as the precious metal edged up to its highest level in over a week. Regis Resources soared 5.7% and Northern Star Resources added 2%. CURRENCY NEWS: The Australian dollar changed hands at $0.74 after seeing an earlier low of $0.7357. Powered by Capital Market - Live News |