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Markets

Australia shares rise as inflation worries ease, travel stocks surge

  • Oil prices rose on Wednesday after an upbeat forecast for global economic recovery and lower US gasoline inventories.
Published March 11, 2021

Australian shares tracked global markets higher on Thursday, as inflation concerns eased after a report on US consumer prices, while domestic travel stocks surged on expectations of a government package to support the sector.

A US Congressional approval to a $1.9-trillion COVID-19 relief package also aided sentiment.

The S&P/ASX 200 index gained 0.2% to 6,731.1 by 2304 GMT. The benchmark closed 0.8% lower on Wednesday.

Travel-related stocks surged as Prime Minister Scott Morrison is set to announce a A$1.20 billion ($927.8 million) package which includes subsidised domestic flights, financial support to its two main airlines and cheap loans to small tourism operators.

Flight Centre Travel Group jumped 10.9%, Webjet rose 6% and Qantas added 3.2%.

Elsewhere, the US Labour Department said its consumer price index (CPI) rose 0.4% in February, in line with expectations, while core CPI edged up 0.1%.

That helped the Dow Jones Industrial Average hit a record high.

The S&P 500 gained 0.60% overnight, while Nasdaq ended roughly flat.

Back home, Australian financial stocks rose 0.4%, led by Janus Henderson Group, up 2.4%, while Insurance Australia Group advanced 1.3%.

A sub-index of gold stocks added 0.5% after bullion prices hit a one-week high. Top performers were Chalice Mining and De Grey Mining, rising 3.7% and 3.4%, respectively.

Energy stocks rose 0.2%, with Beach Energy and Ampol gaining 1.8% and 1.2%, respectively.

Oil prices rose on Wednesday after an upbeat forecast for global economic recovery and lower US gasoline inventories.

Mining stocks fell 0.4%, however, weighed down by BHP Group and Capricorn Metals.

In New Zealand, the benchmark S&P/NZX 50 index was up 0.5% at 12,315.46.

The top percentage gainers on the index were Air New Zealand and Arvida Group, which rose 2.4% each.

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