Shares in mining giants BHP Group and Rio Tinto both rose by more than 2%, boosted by the strong demand for iron ore from China. The energy sector was also a major contributor to the market rally, with Woodside Petroleum, Santos, and Oil Search all recording gains of over 1%.
The materials and energy sectors were not the only gainers, with the financial sector also posting strong results. The major banks, Commonwealth Bank of Australia, Westpac Banking Corp., Australia and New Zealand Banking Group, and National Australia Bank, all recorded gains, with the financial index rising by 0.5%.
The strong performance of the Australian stock market comes as global investors remain optimistic about the economic recovery from the COVID-19 pandemic. The rollout of vaccines and the ongoing government stimulus measures have supported the global economy, and investors are now turning their attention to the materials and energy sectors as a way to benefit from the expected rebound in economic growth.
Overall, the Australian market looks set to continue its upward trend, with investors remaining optimistic about the prospects for the country’s economy.
- Published By Team Australia News