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    XJO   XC0006013624

S&P/ASX 200

(XJO)
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SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

Australia shares creep higher despite spike in virus cases

07/17/2020 | 02:45am EDT

* Australian benchmark index gains 1.5% on weekly basis

* Rio Tinto closes slightly up after hitting near 6-month peak

* Westpac, NAB help financials finish higher

July 17 (Reuters) - Australian shares closed marginally higher on Friday, helped by gains in mining and material stocks even as concerns over rising coronavirus cases kept many investors on the sidelines.

The S&P/ASX 200 index rose 0.4% to 6,033.60, recovering some ground after Thursday's 0.7% drop. For the week, it was up 1.5%.

Australia's Victoria state reported a record daily increase in COVID-19 cases while New South Wales said it was tightening some restrictions as authorities struggle to contain a new outbreak.

Helping investor sentiment, the Australian government on Thursday said it would inject a further A$1.5 billion ($1.05 billion) into a wage subsidy programme as the national unemployment rate hit a 22-year peak in June.

"It's (the market) sitting on a wall of worry right now," said Brad Smoling, managing director at Smoling Stockbroking.

"We have had such a sugar hit from all of the stimulus, we are taking a seat and wondering if we can keep going or start to fall over"

The European Union will meet later in the day to discuss a proposed stimulus to kick-start the COVID-hit economy.

Mining stocks climbed 0.8%, led by a 4.4% rise in Alumina Ltd. South32 Ltd advanced 4.2%, while Rio Tinto closed 0.6% higher after touching a near six-month high earlier in the day.

Financial stocks rose 0.1%, with Westpac Banking Corp finishing 0.5% higher and National Australia Bank adding 0.2%.

The gold index rose 0.5%, led by a 4.6% jump in Alkane Resources Ltd, while Evolution Mining Ltd gained 2.4%

In New Zealand, the benchmark S&P/NZX 50 index rose 0.7% to 11,584.1.

Restaurant Brands New Zealand Ltd gained 6.4%, while Property for Industry Ltd added 4.1%. ($1 = 1.4314 Australian dollars) (Reporting by Nikhil Subba in Bengaluru; Editing by Subhranshu Sahu)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALKANE RESOURCES LIMITED 0.43% 1.16 End-of-day quote.21.47%
ALUMINA LIMITED 1.50% 1.695 End-of-day quote.-7.63%
AMP LIMITED 3.37% 1.075 End-of-day quote.-31.09%
DE GREY MINING LIMITED 4.35% 1.32 End-of-day quote.30.05%
EVOLUTION MINING LIMITED 2.15% 4.27 End-of-day quote.-14.43%
INVESTORE PROPERTY LIMITED 0.49% 2.04 End-of-day quote.-7.69%
MEDUSA MINING LIMITED -1.21% 0.815 End-of-day quote.5.84%
NATIONAL AUSTRALIA BANK LIMITED 2.39% 26.55 End-of-day quote.17.48%
PROPERTY FOR INDUSTRY LIMITED -0.17% 2.885 End-of-day quote.-1.54%
RESTAURANT BRANDS NEW ZEALAND LIMITED -1.94% 15.69 End-of-day quote.35.84%
RIO TINTO GROUP -0.14% 133.23 End-of-day quote.17.04%
RIO TINTO PLC 1.88% 6216 Delayed Quote.13.64%
S&P/ASX 200 -0.43% 7458.6 Real-time Quote.12.23%
SOUTH32 LIMITED 0.67% 2.99 End-of-day quote.21.05%
WESTPAC BANKING CORPORATION 2.08% 25.03 End-of-day quote.29.22%
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Chart S&P/ASX 200
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Technical analysis trends S&P/ASX 200
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Top / Flop S&P/ASX 200
AFTERPAY LIMITED 114.8 End-of-day quote.18.77%
PILBARA MINERALS LIMITED 1.905 End-of-day quote.7.63%
ST BARBARA LIMITED 1.86 End-of-day quote.5.08%
OIL SEARCH LIMITED 3.99 End-of-day quote.4.72%
MAYNE PHARMA GROUP LIMITED 0.335 End-of-day quote.4.69%
FORTESCUE METALS GROUP LIMITED 24.39 End-of-day quote.-2.09%
PRO MEDICUS LIMITED 56.37 End-of-day quote.-2.78%
SIMS LIMITED 15.94 End-of-day quote.-2.92%
BORAL LIMITED 6.88 End-of-day quote.-4.18%
MINERAL RESOURCES LIMITED 60.27 End-of-day quote.-4.35%
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