Australia Market extends gains to fourth day

The Australian share market finished higher for fourth consecutive session on Thursday, 23 December 2021, as risk sentiment was lifted up on ease concerns about the severity of the Omicron coronavirus variant after an oral COVID-19 drug was approved in the United States and South African study suggests reduced risks of hospitalisation and severe disease in people infected with the Omicron variant compared to Delta. Most of S&P/ASX200 sectors advanced, with gains in the Gold, Utilities and Industrials sectors led shares higher.

At closing bell, the benchmark S&P/ASX200 was up 22.80 points, or 0.31%, to 7,387.57. The broader All Ordinaries index added 24.93 points, or 0.32%, to 7,707.49.

The top performing stocks in this index were MAGELLAN FINANCIAL GROUP LIMITED and NICKEL MINES LIMITED, up 5.17% and 4.73% respectively. The bottom performing stocks in this index were BEGA CHEESE and WISETECH GLOBAL, down 10.3% and 2.57% respectively.

Shares of Gold explorers were among the top gainers in the bourse on the back of a surge in bullion prices. Newcrest Mining rose 0.8%, while Northern Star Resources jumped more than 2%.

Bega Cheese shares tumbled after the company warned of a hit to its 2022 fiscal earnings from strong competition for dairy supply in Australia, high global prices and the coronavirus impact.

ECONOMIC NEWS: Australia Private Sector Credit Climbs 0.9% On Month In November - Australia private sector credit was up 0.9% on month in November, the Reserve Bank of Australia said on Thursday, accelerating from 0.5% in October. On a yearly basis, credit spiked 6.6%, rising from 5.7% in the previous month. Housing credit was up 0.7% on month and 7.1 on year, while personal credit rose 0.6% on month and fell 3.5% on year and business credit climbed 1.6% on month and 7.3% on year. Broad money was up 0.9% on month and 8.3% on year.

CURRENCY NEWS: The Australian dollar was at $0.7231, continuing its upward trek after yesterday's surge from around $0.712.

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