Australia Market extends gain

Australia stock market finished session higher on Wednesday, 23 November 2022, following the broadly positive cues from Wall Street overnight, with shares of industrial, materials, energy, and financials sectors leading rally.

At closing bell, the benchmark S&P/ASX200 index was up 50.47 points, or 0.7%, to 7,231.77. The broader All Ordinaries index added 46 points, or 0.62%, to 7,422.41.

Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining 1.56%. Meanwhile, industrials (up 1.3%), energy (up 1.3%), materials (up 1%), and financials (up 0.7%) issues were also notable gainers. Information technology sector was worst performer, erasing 1.05%.

The top performing stocks in S&P/ASX200 index were BRAINCHIP HOLDINGS and CHALICE MINING, up 6.9% and 6.5% respectively. The bottom performing stocks in S&P/ASX200 index were WESTECH GLOBAL and THE STAR ENTERTAINMENT GROUP, down 6.7% and 5.6% respectively.

Industrial sector performed strongly, led by Qantas, up 5.3%, after lifting its profit forecast for the December half. The airline said it now expects between $1.35 billion and $1.45 billion in underlying profit before tax in the first half of its financial year, up $150 million from its previous guidance given in October.

Materials and resources and energy stocks gained amid a spike in commodity prices. Mining heavyweights BHP rose 1%, while Woodside Energy added 0.9%.

The big four banks all closed higher, with the strongest gains made by National Australia Ban, which added 1%.

The information technology sector performed poorly. WiseTech global led losses with decline of 6.7%, as the software maker maintained its earnings growth of 21% to 30% this year in AGM, disappointing any investor hopes for a profit upgrade.

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