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The Australian share market finished session modest higher on Monday, 25 October 2021, as investor appetite for risk assets bolstered on strong commodity prices and news of major acquisition by Telstra. At closing bell, the benchmark S&P/ASX200 advanced 25.52 points, or 0.34%, to 7,441.00. The broader All Ordinaries index added 27.51 points, or 0.36%, to 7,754.29. Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.64%, while information technology was worst performing sector, falling 0.68%. The top performing stocks in this index were MINERAL RESOURCES and BEACH ENERGY, up 9% and 5.1% respectively. The worst performing stocks in the S&P/ASX200 index were PERPETUAL and KOGAN.COM, up 5.2% and 5% respectively. Shares of materials and resources were up on tracking a rebound in iron ore futures. Iron ore prices (62% fines CFR Qingdao) were up 2.2% to $US119.52 a tonne on Friday. BHP, Fortescue Metals Group and Rio Tinto rose between 0.7% and 1.5%, tracking a rebound in iron ore futures. Mineral Resources shares soared 9% after announcing plans to re-open a Lithium mine and processing facility it jointly owns with the Albemarle Group in the Pilbara in the third quarter of fiscal 2022. Energy stocks rebounded on bargain buying as oil prices hit multi-year highs amid tight supply and solid fuel demand in the United States and elsewhere in the world. Santos, Woodside Petroleum, and Beach Energy jumped 4-5%. Origin Energy rallied 3.9% after announcing it agreed to sell its 10% stake in the Australia Pacific LNG project for A$2.12 billion to investor EIG Partners. Telstra gained 2.1% to A$3.81 after announcing it would buy Pacific telco firm Digicel, with the Federal Government covering 90% of the A$2.1 billion purchase price. Powered by Capital Market - Live News
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