Australia Market extends gain

Australia stock market finished session higher on Wednesday, 14 December 2022, extending the gains in the previous session, on following gains on Wall Street after a report showed tamer-than-expected increase in U.S. consumer price inflation offered hope that pressure may ease on an already squeezed economy.

At closing bell, the benchmark S&P/ASX200 index was up 48.03 points, or 0.67%, to 7,251.30. The broader All Ordinaries index added 49.59 points, or 0.67%, to 7,438.74.

All 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining 2.1%, followed by information tech and energy, which rose 1.73% and 1.35%, respectively.

The top performing stocks in S&P/ASX200 index were ST BARBARA and BLOCK INC., up 13.85% and 8.15% respectively. The bottom performing stocks in S&P/ASX200 index were IMUGENE and ENDEAVOUR GROUP, down 5.1% and 4.3% respectively.

Shares of materials and resources advanced on tracking strength in base metal prices, with South32 up 3.7%, Fortescue Metals adding 1.1% and Mineral Resources 1.2% higher.

Shares of energy sector gained. Energy giant Woodside climbed 1.5%, while Whitehaven traded up 2.4% and New Hope 1%.

Shares of financial sector were lower, with three of big four banks closed in the red. Westpac dipped 0.4% after chairman John McFarlane flagged he would retire in a year. Commonwealth was up 0.5%.

Shares in TPG Telecom declined almost 5% after it confirmed that up to 15,000 email accounts of business customers were hacked.

Shares in Endeavour Group fell 5% after supermarket giant Woolworths sold a 5.5% stake worth about $640 million in the alcohol retailer.

CURRENCY NEWS: The Australian dollar was up 0.3% at $0.6871 against greenback after trading in the range of 0.6822-0.6876.

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