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MarketScreener Homepage  >  Indexes  >  Australian Stock Exchange  >  S&P/ASX 200    XJO   XC0006013624

S&P/ASX 200

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Australia stocks rise on U.S. stimulus, economic recovery hopes

03/07/2021 | 07:41pm EDT

* Benchmark rises almost 2%

* Tech stocks gain after 4 days

* Mercury NZ top gainer on NZ index

March 8 (Reuters) - Australian shares rose sharply on Monday and were set for their best day in two months after the U.S. Senate passed a $1.9 trillion COVID-19 relief plan, while last week's upbeat U.S. jobs data also supported sentiment.

The S&P/ASX 200 index advanced as much as 1.8% to 6,830.7 by 2240 GMT. The benchmark ended 0.7% lower on Friday.

The U.S. Senate on Saturday passed President Joe Biden's COVID-19 relief plan, one of the largest stimulus bills in U.S. history, a day after data showed that the U.S. economy created more jobs than expected in February.

Over the weekend, Australia also started vaccinating its citizens against the coronavirus with AstraZeneca's vaccine. Inoculation with the Pfizer/BioNTech vaccine had started in February.

Among individual sectors, mining stocks gained as much as 2.8%, with BHP and Rio Tinto firming 3.4% and 3%, respectively.

Technology stocks rose as much as 2.7%, snapping four straight sessions of losses. Buy now, pay later firm Afterpay advanced up to 4.6%, while Appen gained as much as 3.8%.

Financial stocks rose 1.5% to hit an over one-week high. The "Big Four" banks rose between 1.2% and 1.9%.

Top performers in the financial sector were Janus Henderson Group and IOOF Holdings, gaining 4.7% and 3.1%, respectively.

Energy stocks rose nearly 2% to a 10-week high, tracking a jump in oil prices. Oil Search advanced 4.3%, while Beach Energy firmed 3.8%.

In New Zealand, the benchmark S&P/NZX 50 index was 1.3% higher at 12,334.3.

The top percentage gainers on the index were Mercury NZ and Synlait Milk, up 3.7% and 2.9%, respectively. (Reporting by Aditya Munjuluru; Editing by Aditya Soni)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED 1.29% 120.01 End-of-day quote.1.70%
APPEN LIMITED 0.30% 16.59 End-of-day quote.-32.81%
ASTRAZENECA PLC 0.61% 7278 Delayed Quote.-0.51%
BEACH ENERGY LIMITED 3.23% 1.76 End-of-day quote.-2.49%
BHP GROUP 2.57% 47.06 End-of-day quote.10.91%
IOOF HOLDINGS LTD 0.55% 3.68 End-of-day quote.4.55%
MERCURY NZ LIMITED 1.88% 6.49 End-of-day quote.-0.61%
OIL SEARCH LIMITED 0.24% 4.13 End-of-day quote.11.32%
RIO TINTO PLC -1.42% 5663 Delayed Quote.3.53%
S&P/ASX 200 -0.05% 6995.2 Real-time Quote.6.20%
SYNLAIT MILK LIMITED -1.69% 3.5 End-of-day quote.-33.08%
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