🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Australia shares rise on U.S. stimulus cheer; NZ ends at record high

Published 29/12/2020, 05:07 pm
© Reuters.
AXJO
-
WDS
-
AXGD
-
AXMM
-
AXEJ
-
AXFJ
-
AXIJ
-
NZ50
-
APT
-

* Tech stocks lead gains, close nearly 2% higher

* "Big four" banks rise between 0.4% and 0.9%.

* Gold stocks sole major sector in the red (Updates to close)

By Arundhati Dutta

Dec 29 (Reuters) - Australian shares rose on Tuesday, driven by financial and technology stocks, as market participants cheered the signing of a long-awaited COVID-19 pandemic aid bill in the United States and a landmark Brexit deal.

The S&P/ASX 200 index .AXJO closed up 0.53% at 6,700.3, just 16.2 points higher than where it started at the beginning of the year.

U.S. stock indexes notched record closing highs on Monday, after President Donald Trump walked back on his threat to block a $2.3 trillion pandemic aid bill, and signed it into law on Sunday. .N

Adding to cheer, Britain clinched a narrow Brexit trade deal with the European Union on Thursday, limiting the scale of disruption from the divorce. just two trading days left for 2020, Australia's benchmark looks to end a year of record highs and historic lows nearly unchanged from where it began.

Tech stocks .AXIJ are set to emerge as the winners of 2020 as consumers stuck at home due to coronavirus-induced curbs moved online, while energy stocks .AXEJ are set to end nearly 30% lower after lockdowns around the world battered fuel demand.

Miners .AXMM are also on an upward trajectory with a near 18% year-to-date rise, with their bull run projected to continue into 2021 helped by rising iron ore prices. stocks .AXIJ were the top gainers for the day, closing 1.9% higher, while Afterpay APT.AX , rising 4.3%, was the top boost.

Financials .AXFJ climbed 0.6%, with the "Big Four" banks gaining between 0.4% and 0.9%.

Energy stocks .AXEJ rose 0.4%, tracking an uptick in oil prices on expectations of rising fuel demand. Sector heavyweight Woodside Petroleum WPL.AX added almost 1%. O/R

Gold .AXGD was the sole major sub-index in the red, despite a slight rise in gold prices. GOL/

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.6% and notched a record closing high of 13,246.77.

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.