Business

Australian shares lifted by Wall St tech bounce

Australian shares lifted by Wall St tech bounce

The Australian share market rose after a three-day Wall St sell-off was snapped, with tech stocks regaining some ground.

The S&P/ASX200 closed 0.51 per cent higher at 5908.5, while the All Ordinaries Index gained 0.51 per cent to 6090.

Ord Minnett said the Nasdaq correction on Tuesday was its fastest in history as investors worried big tech stocks had soared too high, but the sector regained some ground on Wednesday.

European shares also rose overnight amid reports UK-based AstraZeneca may resume its coronavirus vaccine trial next week.

Shares in Australian healthcare heavyweight CSL, which plans to manufacture the drug, inched 0.36 per cent higher to $282.

The oil price improved after slumping over the past week, lifting Woodside shares by 0.33 per cent to $18.42.

Department store Myer was heavily sold off after it posted a full-year loss of $172.4 million.

Pandemic lockdowns forced it to close all of its 60 stores over April and May, resulting in a sales nosedive of more than 15 per cent.

The company flagged the possibility of more closures amid “prison-style” measures in Victoria and its shares plunged 17.6 per cent to 21 cents.

Resolute Mining fell 6.13 per cent to 99.5 cents after withdrawing its full-year production and cost guidance due to strike threats at its flagship Syama gold mine in Mali, with union demands mainly relating to reinstating workers who have been stood down due to COVID-19 protocols.

Mineral sands miner Iluka Resources revealed details of its BHP iron ore mine royalty spin-off plan, saying the demerger of its lucrative interest in Mining Area C in Western Australia into a separately listed entity named Deterra Royalties would “liberate two fundamentally distinct businesses”.

Shares in the company finished 2.15 per cent higher at $9.99.

Gold miner Gold Road jumped 6.23 per cent to $1.62 after providing an exploration update for its Yamarna project in WA.

ANZ dropped 0.56 per cent to $17.71, Commonwealth Bank lost 0.1 per cent to $66.72, National Australia Bank shed 0.69 per cent to $17.32 and Westpac gave up 0.41 per cent to $17.

BHP was up 0.54 per cent to $36.98, and Rio Tinto gained 1.38 per cent to $100.45, but Fortescue backtracked 0.61 per cent to $17.89.

The Aussie dollar was fetching 72.77 US cents, 55.88 British pence and 61.51 Euro cents in afternoon trade.