Australia Market rises for third day in row

September 23,2021

The Australian shares finished higher for third straight session on Thursday, 23 September 2021, with the ASX200 index lifting by 1%, as investors digest the Fed's plans to taper the stimulus program and receding fears of a corporate collapse in China after embattled property giant China Evergrande reached settlement with mainland bondholders.

At closing bell, the benchmark S&P/ASX200 advanced 73.27 points, or 1%, to 7,370.22. The broader All Ordinaries added 87.56 points, or 1.15%, to 7,681.35.

All 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +3.01%, followed by energy (up 2.8%), utilities (up 2.1%), telecommunication services(up 1.4%), consumer discretionary (up 1.4%), and financials (up 1.3%) issues.

The top performing stocks in the ASX200 index were NEWS CORPORATION and WHITEHAVEN COAL, up 8.4% and 7.2% respectively. The bottom performing stocks in the ASX200 index were RELIANCE WORLDWIDE CORP and RAMELIUS RESOURCES, down 2.4% and 1.4% respectively.

ECONOMIC NEWS: Australia Manufacturing PMI Expands To 57.3 In September- Australia manufacturing sector continued to expand in September with a manufacturing PMI score of 57.3, the latest survey from Markit Economics revealed on Thursday. That's up from 52.0 in August and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Output and new orders returned to growth after a brief month of contraction in August as manufacturers reported to have better adapted to ongoing COVID-19 conditions. Improved demand meanwhile drove firms to hire staff and acquire inputs at faster rates in September. The survey also showed that the services index improved to 44.9 in September from 42.9 in August. The composite index also improved, rising from 43.3 to 46.0.

CURRENCY NEWS: The Australian dollar changed hands at $0.7266, below levels around $0.728 seen earlier in the week.

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