Australia Market ends flat

Australia stock market finished session marginally higher on Thursday, 02 March 2023, as gains in shares of materials and energy sectors were offset by losses in financials, information technology, and consumer staples stocks.

At closing bell, the benchmark S&P/ASX200 index was up 3.76 points, or 0.05%, to 7,255.36. The broader All Ordinaries index inclined 3.88 points, or 0.05%, to 7,460.02.

The top performing stocks in S&P/ASX200 index were SOUTH32 and NICKEL INDUSTRIES, up 5.15% and 5.08% respectively. The bottom performing stocks in S&P/ASX200 index were LYNAS RARE EARTH and PINNACLE INVESTMENT, down 6.81% and 6.33% respectively.

Shares of materials and energy sectors advanced strongly, led by South32 (up 5.2%) and mining heavyweights Rio Tinto (up 4%), BHP (up 4%) and Fortescue (up 4.3%). Woodside (up 2.2%) and coal miner Whitehaven (up 4.2%) bolstered the index, as the energy sector more broadly climbed 1.4%.

Financials were major drag, as major banks including ANZ (down 2.7%) and Commonwealth Bank (down 2%) dropped. Consumer staples (down 1.3%) also flailed, as supermarket giant Coles shed 1.2%.

ECONOMIC NEWS: Australia Building Approvals Decline 27.6% In January--The total number of buildings approved in Australia was down a seasonally adjusted 27.6% on month in January, the Australian Bureau of Statistics said on Thursday - coming in at 12,065. Permits for private sector houses fell 13.8% on month to 7,560, while permits for private sector dwellings excluding houses plummeted 40.8% to 4,340. On a yearly basis, permits for overall buildings shed 8.4%, while permits for houses sank 12% and permits for other than houses eased 0.3%. The seasonally adjusted estimate for the value of total building approved fell 18.6% in January, following a 1% rise in December.

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