Australian shares advanced on Tuesday afternoon in a broad-based rally. The S&P/ASX 200 Index gained 0.8%, or 64.7 points, to 7827.9 by 2:20 pm AEST, with all 11 sectors in the green. The communication services sector led gains, with Telstra rising 3.3% after announcing a price increase for its mobile plans, and REA Group firming 2%. The consumer discretionary sector rallied 1%, with Wesfarmers up 0.8%..
A sell-off in iron ore miners is dragging the Australian sharemarket lower at the start of the week. The S&P/ASX 200 index is down 41 points, or 0.5%, at 7781.6 points as of 2pm.
Australian shares edged down 0.1%, with mining and property stocks trimming recent gains. The healthcare sector outperformed, rising 0.5%, bolstered by gains in CSL, Cochlear, and ResMed. Bank shares declined, with CBA falling 0.5% and Westpac down 0.7%.
Australian shares rose 1% on Thursday afternoon, supported by an ongoing bull market in New York ahead of the Independence Day holiday. Santos shares increased 4% to $8 following reports from Bloomberg that Saudi Aramco and Abu Dhabi National Oil Co are exploring bids for Santos to expand their overseas gas investments. Analysts highlighted potential challenges, including the need for FIRB clearance and control complexities.
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The S&P/ASX 200 Index dropped by 31.2 points to 7736.3, with technology stocks being the worst performers, down 1.8%, and WiseTech plummeting 5.6%.
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Australian shares fell 1.1% by midday following higher-than-expected inflation data for May, which showed a 4% annual increase.
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All 11 sectors were positive, led by the energy sector due to stronger oil prices. Key energy stocks such as Woodside, Santos, and Origin saw gains. Brent crude rose to $US85.98, marking an over 8% increase for the month.
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