Australia Market extends gain on resources boost

Australia stock market finished higher for third straight session on Monday, 12 September 2022, on tracking positive lead from Wall Street last Friday, with shares in materials and energy sectors leading the surge on stronger iron ore futures and crude oil prices.

At closing bell, the benchmark S&P/ASX200 index was up 70.29 points, or 1.02%, to 6,964.46. The broader All Ordinaries index advanced 69.16 points, or 0.97%, to 7,208.15

The top performing stocks in this index were NICKEL INDUSTRIES and MESOBLAST, up 6.7% and 5.8% respectively. The bottom performing stocks in S&P/ASX200 index were TYRO PAYMENTS and IMUGENE, down 5.1% and 4.3% respectively.

Materials and resources stocks were higher as iron ore prices soared. Sector majors BHP and Rio Tinto advanced 2.8% and 1.3%, respectively. Meanwhile, strong bullion prices helped gold miner Newcrest Mining to register gains of 0.5%

Energy stocks ended up, with oil and gas major Woodside Energy and Santos gaining 2% and 0.1%, respectively.

Financials were also higher, with the Westpac climbing 0.5% as it joined other three Big Four peers in raising its variable home loan interest rates by 50 basis points per annum, passing on the central bank's rate hike in full to its customers.

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