The ASX was little changed at 1200 AEDT. Rising commodities prices proved a talking point for a second consecutive day, and helped the Australian share market close higher and the dollar remain above 79 US cents.
The S&P/ASX200 benchmark index closed higher by 58.3 points, or 0.86 per cent, to 6839.2 on Tuesday.
The All Ordinaries closed higher by 49.2 points, or 0.7 per cent, at 7110.8.
Energy was the top sector, up 4.85 per cent, after oil prices rose nearly four per cent.
Oil prices were boosted by the expected slow return of US crude output after last week’s deep freeze in the US stopped production.
The materials sector gained 1.98 per cent as prices for base metals rose.
Shanghai copper hit its highest level in more than nine years amid expectations of strong demand.
The commodities surge fuelled support for the Australian dollar.
The dollar reached 79.35 US cents at 1250 AEDT, its highest level in about three years.
Westpac senior currency strategist Sean Callow said demand for the dollar was due to higher prices in commodities common to Australia such as base metals.
"This is all based on the expectation there is going to be greater demand for commodities in the coming months.," he said."We’ve had so much good news in vaccines that has raised people’s confidence."The commodity sectors were not the only ones with big swings on the ASX.Property jumped 2.49 per cent, while information technology plunged 4.06 per cent.The tech plunge came after the US Nasdaq dropped 2.46 per cent, as investors worried inflation could affect investments in growth companies and sold tech stocks.The S&P 500 was lower while the Dow Jones was marginally higher.On the ASX, former Commonwealth Bank boss Ian Narev will take the helm of jobs website Seek.Seek said Mr Narev, who has led Asia Pacific and Americas operations since joining two years ago, will take the top job on July 1.Current boss Andrew Bassat will take the role of executive chairman and chief executive of Seek Investments.The company reported an eight per cent dip in first-half net profit after tax to $69.7 million.Shareholders will not receive an interim dividend.Shares were down 7.09 per cent to $28.19.Oil Search, which operates Papua New Guinea’s oilfields, jumped 6.42 per cent to $4.31 despite posting a huge loss in 2020.Releasing annual results, Oil Search said it suffered a $US320.7 million ($A405.3 million) loss for the full 2020 year.Investors expected the loss from the pandemic […]
