Australia Market gains on second consecutive day

The Australian share market finished trading with modest gains on Thursday, 13 January 2022, extending winning streak to second day, thanks to positive lead from Wall Street overnight as well as stronger crude oil, bullion, and iron ore prices.

At closing bell, the benchmark S&P/ASX200 was up 35.45 points, or 0.48%, to 7,474.36. The broader All Ordinaries index added 35.28 points, or 0.45%, to 7,797.52.

The top performing stocks in this index were CROWN RESORTS and NICKEL MINES, up 8.77% and 5.16% respectively. The bottom performing stocks in this index were POLYNOVO and POINTSBET HOLDINGS, down 10.08% and 5.85% respectively.

A strong overnight surge in gold and iron ore - due to iron ore supply disruptions in Brazil - kept the Materials sector buoyant, rising 2.6%. Information Tech and Health Care both fell 1.2%, while the Consumer Staples sector fell by 0.3%, on the back of supply shortages.

Shares in casino operator Crown Resorts soared 9% after U.S. private-equity firm Blackstone sweetened its takeover offer to A$8.87 billion.

CURRENCY NEWS: The Australian dollar rose to $0.7284, after hitting its highest level since November overnight.

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