Australia Market extends gains to fourth day

The Australian share market finished slight higher in holiday shortened session on Friday, 24 December 2021, extending gains to fourth straight day, on easing fears about the Omicron variant of the coronavirus.

Market sentiments lifted up after reports indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant. Also, separate report stated US drugmakers Merck and Pfizer's Covid-19 antiviral pills were effective against the variant.

Meanwhile, Australian authorities said on Friday they would further shorten the interval for a booster shot to control the record surge in cases stoked by Omicron.

At closing bell, the benchmark S&P/ASX200 was up 32.73 points, or 0.44%, to 7,420.30. The broader All Ordinaries index added 37.213 points, or 0.48%, to 7,744.70. Australia market will be closed till Tuesday and will resume trading on Wednesday.

The top performing stocks in this index were AMP and PILBARA MINERALS, up 6.38% and 5.34% respectively. The bottom performing stocks in this index were ST BARBARA and RELIANCE WORLDWIDE CORP, down 2.4% and 2.38% respectively.

Shares of financials climbed up, with the top four banks rising between 0.1% and 0.6%. AMP climbed 6.4% after announcing a sale of its infrastructure debt division to Ares Management for US$310 million

Shares of energy sector rose on following an overnight rally in oil prices. Santos added 2.2%, while oil refiner Viva Energy climbed 1.8%.

Shares of materials and resources advanced as iron ore prices perked up. BHP Group rose 0.2%, while Fortescue Metals Group added 0.4%.

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