Australia Market extends gain

Australia stock market finished session higher on Tuesday, 08 November 2022, registering third day of consecutive rally, thanks to positive lead from Wall Street overnight and better than expected Australia business activity data.

At closing bell, the benchmark S&P/ASX200 index was up 25.17 points, or 0.36%, to 6,958.87. The broader All Ordinaries index added 20.87 points, or 0.29%, to 7,150.08.

Total 9 of 11 sectors ended higher, exception being energy (down 2.3%), with utilities (up 1.4%), consumer staples (up 1.3%), and financial (up 1%) issues being notable gainers.

The top performing stocks in S&P/ASX200 index were MINERAL RESOURCES and PILBARA MINERALS, up 5% and 4.4% respectively. The bottom performing stocks in S&P/ASX200 index were JAMES HARDIE and SIMS, down 13.7% and 9.7% respectively.

Among individual stocks, Weebit Nano shares advanced after the first silicon wafers integrating its embedded resistive random-access memory module were delivered.

Trek Metals shares surged after the company completed the acquisition of a base metal exploration tenement from Pilbara Minerals for A$300,000 plus a 2.5% net smelter return royalty.

ECONOMIC NEWS: Survey from National Australia Bank (NAB) showed its index of business conditions eased 1 point to +22 in October, still far above its long-run average.

The Westpac Melbourne Institute Consumer Sentiment Index fell to 78 points in November from 83.7 points in October.

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