Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Australia shares eye sixth weekly gain on iron ore rally, stimulus hopes

Published 11/12/2020, 12:10 pm
Updated 11/12/2020, 12:12 pm
© Reuters.

* Aussie miners rally, close firmer for 8 sessions in nine

* "Big Four" banks lose between 0.7 and 1.2%

* IGO top gainer on benchmark, up 25%

By Arundhati Dutta

Dec 11 (Reuters) - Australian shares dipped on Friday, as gold stocks and financials traded in the red, though the index was poised for a sixth weekly gain on an iron ore rally that set domestic miners on course to add about 3% for the week.

The S&P/ASX 200 index .AXJO was down 0.4 at 6,657.7 by 1255 GMT, but on track for a weekly gain of 0.4%.

Asian markets were wobbly as concerns about U.S. stimulus and COVID-19 cases weighed globally on optimism. Attention on the stimulus grew sharper after data showed the number of Americans filing first-time claims for jobless benefits jumped to a near three-month high. home, CSL CSL.AX was one of the top drags in the benchmark index after the Australian drugmaker halted its COVID-19 vaccine as trials showed it could interfere with HIV diagnosis, sending shares down 2%. of buy-now-pay-later firm Zip Co Z1P.AX added 2.5% after it signed a deal with Facebook FB.O . .AXFJ , down as much as 0.9%, were the top losers of the day. The so-called "Big Four" banks shed between 0.7% and 1.2%.

An overnight drop in gold prices pushed the domestic gold index .AXGD 0.6% lower. Newcrest Mining NCM.AX and Evolution Mining EVN.AX , down 0.6% and 2.3% respectively, were among the top drags. GOL/

Bucking the sombre mood, miners .AXMM have been trading in positive territory in the last eight sessions of nine on an iron ore rally fuelled by vaccine optimism. IRONORE/

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The top percentage gainer in the sub-index and the benchmark was IGO Ltd IGO.AX with a gain of nearly 25%, after stock returned to trade for the first time since Monday, when it was announced it would take a stake in Greenbushes, the world's largest hard-rock lithium mine. stocks .AXIJ climbed up to 1%.

Energy stocks .AXEJ rose 2% as vaccine optimism drove oil prices to their highest since March. Shares of Whitehaven Coal WHC.AX and Beach Energy BPT.AX , up about 6% and 5% respectively, gained the most.

In New Zealand, the benchmark .NZ50 was down 0.09% by 1221 GMT.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.