Australia Market edges up as financials rally

Australia stock market finished session marginally higher on Monday, 20 February 2023, as gains in financials helped to offset weakness in realty, energy, and tech stocks.

However, market gains capped ahead of the release of the minutes from the Reserve Bank of Australia and Federal Reserve's and Federal Reserve later this week. Later this week, Australia's Labor Cost Index (Q4) data will remain in focus.

At closing bell, the benchmark S&P/ASX200 index was up 4.76 points, or 0.06%, to 7,351.52. The broader All Ordinaries index advanced 0.3 point, or 0.00%, to 7,552.49.

Total 8 of 11 sectors were lower, with A-REIT was the worst performing sector, falling 0.98%, followed by energy (down 0.97%), and utilities (down 0.59%). Financial was the best performing sector, gaining 0.94%.

The top performing stocks in S&P/ASX200 index were INGHAMS GROUP and QBE INSURANCE GROUP, up 11.68% and 3.68% respectively. The bottom performing stocks in S&P/ASX200 index were NIB HOLDINGS and BLUESCOPE STEEL, down 11.59% and 10% respectively.

Financials ended in the green, with big banks CBA, NAB, ANZ and Westpac leading gains. NAB led the pack, up 1.5% at the close. Investment management company Challenger's shares shot up 2.4%. Insurer QBE stocks gained 3.7%.

Energy led the downturn on Monday as Lithium miner Pilbara Minerals share price fell by 5.41% and Meridian Energy shed 2.61%, respectively.

CURRENCY NEWS: The Australian dollar was stood at 0.6901 against greenback on Monday, up 0.3% from previous trading day closure at 0.6879 after trading in the range of 0.6862-0.6906.

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