Australia Market extends gain for fourth day

Australian share market finished higher for a fourth straight session on Wednesday, 18 May 2022, as appetite for risk assets improved on tracking positive lead from Wall Street overnight along with news of lifting of lockdown restrictions in China.

At closing bell, the benchmark S&P/ASX200 advanced 70.13 points, or 1%, to 7,182.66. The broader All Ordinaries index added 76.01 points, or 1.03%, to 7,426.63.

Technology stocks climbed, with shares of Block and accounting software producer Xero jumping 3.2% and 2.3%, respectively.

Shares of mining companies advanced, with Fortescue Metals Group rising 2% after its founder Andrew Forrest returned to the role of executive chairman to oversee its iron ore business for an interim period when Chief Executive Elizabeth Gaines leaves in August. BHP Group and Champion Iron climbed 3.2% and 5.3%, respectively.

ECONOMIC NEWS: The Reserve Bank of Australia revealed in the minutes of its May meeting that the central bank could further increase interest rates in June. The minutes show the cash rate could increase to 1.75 percent by the end of the year and hit 2.5 percent by the end of 2023.

CURRENCY NEWS: The Australian dollar changed hands at $0.7002, as compared with an earlier high of $0.7046.

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