Local stocks end session higher to shake off earlier US-China trade tension fears
The local sharemarket has ended the day higher, shaking off fears of last week’s escalating trade war fears between China and the US.
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Local sharemarkets ended Monday’s trading day higher, shaking off last week’s growing concern of rising US-China tensions.
The benchmark S&P/ASX200 index rose 20 points, or 0.3 per cent, to 6044.2, with the communications and material sectors making considerable gains.
The broader All Ordinaries index rose 21.5 points, or 0.35 per cent, to 6169.6, while the Australian dollar ended the session up 0.37 per cent to $US71.29 cents.
Moody’s Investors Services said the New South Wales Government’s decision to pause stamp duty for first-home buyers would provide a positive uplift for the state’s construction industry, with Stockland Group likely to benefit from the scheme.
“The pausing of stamp duty in New South Wales for first-home buyers of new homes under $800,000 is credit positive for the construction sector and particularly for Stockland Group,” Moody’s vice-president Saranga Ranasinghe said.
“Stockland is the largest master planned communities builder in Australia and caters to the owner-occupier segment of the market, where around 49 per cent of sales are made to first-home buyers.”
Stockland shares closed Monday’s trading day up 1.6 per cent to $3.28 each, while its rival Lendlease ended the day down 1.7 per cent to $11.73 per share.
Rare earths mineral company Lynas sustained the largest gain, with it shares rising 12
per cent to $2.43 each.
Insurance Australia Group had the largest decline, dropping 5.3 per cent to $5.04 per share.
Major banks all ended the day lower, with Westpac stock falling 0.2 per cent to $17.72 each, while Commonwealth Bank declined 0.5 per cent to $72.49 per share.
ANZ closed the day down 0.3 per cent to $18.23 per share, and NAB dipped by 0.2 per cent to $17.95 per share.
Major mining group BHP ended the session up 0.9 per cent to $37.4 per share, while shares in rival Rio Tinto fell 0.03 per cent to $102.89 each.
Qantas shares rose 1.1 per cent to $3.68 each, and Telstra ended the day up 0.9 per cent to $3.36 per share.
Wesfarmers increased its share price by 1.1 per cent to $46.86 each, while Woolworths rose 0.9 per cent to $38.99 per share.
Originally published as Local stocks end session higher to shake off earlier US-China trade tension fears