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The Australian market closed higher for the second straight session on Tuesday, 09 March 2021, as investors risk sentiment continued to received support after a prominent survey showed business confidence rose to decade highs in February and hopes for faster economic recovery from the coronavirus pandemic.
At closing bell, the benchmark S&P/ASX200 advanced 31.59 points, or 0.47%, to 6,771.16. The broader All Ordinaries rose 28.78 points, or 0.41%, to 7,000.43.
The heavily-weighted financials advanced as major banking names rose. ANZ shares closed up 1.3%, Commonwealth Bank added 0.7%, Westpac rose 0.7% and National Australia Bank was up 0.8%.
AMP rallied 2.5% after the wealth manager decided to sell the global equities business of its asset management arm to Canadian investment manager Fiera Capital for an undisclosed sum.
Economy Report: Positive Indicators
Mar 9, 2021
One important indicator of consumer confidence rose in February, a hopeful sign for the economy as the pandemic entered a second year amid more than 500,000 deaths from the coronavirus in the United States.
The Conference Board reported that its Consumer Confidence Index climbed to 91.3 from a revised 88.9 in January. For the overall index, this was a three-month high.
“After three months of consecutive declines in the Present Situation Index, consumers’ assessment of current conditions improved in February,” Lynn Franco, senior director of economic indicators at The Conference Board, stated in a press release. “This course reversal suggests economic growth has not slowed further. While the Expectations Index fell marginally in February, consumers remain cautiously optimistic, on the whole, about the outlook for the coming months. Notably, vacation intentions particularly, plans to travel outside the U.S. via air saw an
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