Australia Market closes higher on bottom hunting

Australia stock market finished session higher on Friday, 24 February 2023, snapping three days losing streak, as investors chased for bottom fishing, with shares in technology, retailers, and consumer goods stocks leading rally.

At closing bell, the benchmark S&P/ASX200 index was up 21.64 points, or 0.3%, to 7,307.03. The broader All Ordinaries index added 20.22 points, or 0.27%, to 7,512.71.

The top performing stocks in S&P/ASX200 index were BEGA CHEESE and BRAMBLES, up 7.53% and 7.46% respectively. The bottom performing stocks in S&P/ASX200 index were REGIS RESOURCES and PERPETUAL, down 4.76% and 4.24% respectively.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +2.39%, followed by industrials (up 1.4%), A-REIT (up 1.28%), consumer discretionary (up 1.22%), and energy (up 0.9%) sectors. Materials was the worst performing sector, falling 1.22%.

Shares of financials advanced, with all big Four lenders leading gains. shares in mortgage insurer Helia Group soared 17%, as the company returned capital to shareholders and said it was benefiting from historically low mortgage delinquencies. Helia declared a 27 cent special dividend, as well as final dividend of 14 cents a share.

Technology stocks tracked their Wall Street peers to jump, with shares of Block Inc and Xero up 5.9% and 1.6%, respectively.

Shares of industrials were higher, with Brambles shares leading rally, with gains of 7.5% after logistics firm raised its annual earnings outlook, as product price hikes overshadowed inflationary cost pressures

Materials weighed on the index, as heavyweights Rio Tinto, Fortescue and BHP all fell, shedding 3.5%, 2% and 1.5% respectively.

Star Entertainment shares fell 8.6% after it completed its A$800 million ($545 million) capital raise to repay debt.

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