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Australian shares end string of losses as gold, tech stocks rise - Inside Financial Markets

Australian shares end string of losses as gold, tech stocks rise

-Reuters

The S&P/ASX 200 index. AXJO ended 0.1% higher at 6,057.7. The benchmark fell 1.7% on Tuesday.

“The market’s rise is just a small improvement after the previous losses, as the benchmark bounces back after coming close to the support level of 6,000,” said Steven Daghlian, market analyst at CommSec.

“The market likely faces further volatility ahead, pending the U.S. elections and rising COVID-19 cases in Europe and the United States”, Daghlian added.

In Australia, data showed consumer prices rose 1.6% in the September quarter, though that merely retraced the June quarter’s record 1.9% plunge.

“This (subdued inflation) does make the Reserve Bank of Australia comfortable with further cuts and other policy methods,” Daghlian said.

Among sectors, the gold index. AXGD surged as prices of the yellow metal benefited from uncertainties about U.S. elections and surging global COVID-19 cases. [GOL/]

Gold explorer Ramelius Resources RMS.AX surged more than 7% as it reported higher-than-expected gold production in the September quarter.

Tech stocks.AXIJ were also higher, with buy-now-pay-later firm Afterpay APT.AX jumping about 7% after its underlying sales in the first quarter more than doubled.

The consumer sector. AXSJ also climbed, with the country’s No. 2 supermarket chain Coles Group COL.AX posting a rise in first-quarter sales.

Financial stocks .AXFJ were lower with the “Big Four” banks falling in the range of 0.1% and 1.5%.

In New Zealand, the benchmark S&P/NZX 50 index.NZ50 closed marginally higher at 12,264.5, helped by gains among healthcare and tech stocks.

Syed Zaki Hussain

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