World News – AU – Australian stocks close higher as Wesfarmers predicts heavy spend on work-from-home supplies

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Australian stocks closed slightly higher despite the continued spread of COVID-19 in NSW and Victoria.

The ASX 200 and all ordinaries are both closed 1. 4 percent higher on Monday at 6. 684 or. 6th. 953 points.

The surge was unexpected after the number of coronavirus-related cases related to the northern beaches outbreak in Sydney continued to surge and Victoria put border restrictions with NSW in place late last week.

Victoria recorded three new locally acquired cases of COVID-19 and NSW two on Monday as Greater Sydney residents are now fined $ 200 for not wearing face masks indoors.

Not surprisingly, travel and casino stocks, including corporate travel management (-2), fell. 1 piece), SkyCity Entertainment (-1. 2 pieces), New Zealand’s Auckland International Airport (-1. 9pc) and Flight Center dropping off early before regaining ground (1pc).

Link Administrative Holdings led the bottom movers, fueling 13. 5 percent after SS&C Technology Holdings withdrew its takeover offer.

The top movers were Zip Co (5th. 6 pieces), Silver Lake Resources (6. 7pc) and Saracen Mineral Holdings (6. 1pc).

The four big banks are all up between 1 and 2 percent, and the Australian dollar fell to 76. 92 US cents.

The technology and consumer staples sectors had the strongest start to trading with Buy Now, later paying the company Afterpay at 0. 85 percent to $ 119 and Woolworths to 1. 8 percent.

Wesfarmers also jumped up to 2. 3 percent, anticipating an increase in home care spending.

Australia’s gold sub-index is up nearly 3 percent, with spot gold jumping 0. 7 percent to 1. $ 911. 90 an ounce.

Dacian Gold was the biggest winner in the sub-index, rising up to 12. 2 percent and Evolution Mining, Newcrest Mining and Northern Star Resources rose between 3 and 5 percent.

The latest data from CoreLogic shows that property prices in Australia rose 1 percent in December and 3 percent in 2020, with regional Australian prices rising well above capital cities.

Regional prices rose nearly 7 percent from 2 percent in capital cities last month.

The eastern suburbs of Sydney (-1 piece) and the Far West and Orana region in NSW (-0). 4pc) were the only two regions to see a drop in house prices in December.

Craig James, chief economist at CommSec, said data from CoreLogic showed that house prices and manufacturing activity were showing signs of economic strength rather than weakness.

« House prices are rising across the country. In fact, house prices fell in only two of the 88 regions last month. And last year all but 12 regions saw property price increases, « he said.

« Many companies reported that the backlog had increased due to the short-term inability to expand production capacity enough to meet the recent surge in demand. « 

In seven of the eight capital cities, house prices were higher in December than a year ago:

Investors are cautiously watching Georgia’s runoff elections for two seats in the US Senate on Tuesday (local time), which will determine which party controls the Senate.

If Republicans win either or both, they will retain a slim majority in the chamber and block the legislative goals and judicial nominations of President-elect Joe Biden.

« If Democrats win both races, Vice-President-elect Kamala Harris would be the decisive voice giving the party unified control over the White House and Congress, » said analysts at CBA.

Minutes of the December meeting of the Federal Reserve due on Wednesday should include more detailed information on discussions on how to make the guidance on forward policy more explicit, and the possibility of further increasing asset purchases in it year.

The data calendar includes a number of manufacturing surveys around the world showing how the industry is dealing with the spread of the coronavirus, as well as the closely watched ISM surveys of U.S. factories and services.

On Monday, the Brent crude oil futures fell 8 cents to $ 51. 72, while US crude fell 12 cents to $ 48. 40 a barrel.

This service may contain material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service that is copyrighted and cannot be reproduced.

AEST = Australian Eastern Standard Time, 10 hours before GMT (Greenwich Mean Time)

ASX, S&P / ASX 200, Stock Market, 2021, S&P 500 Index

World News – AU – Australian stocks close higher as Wesfarmers predicts heavy spending on home care
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Ref: https://www.abc.net.au

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