Australia Market rebounds 0.2%

Australia stock market finished session higher on Tuesday, 14 February 2023, snapping three days losing streak, as investors chased for bottom fishing on recently battered stocks on following the broadly positive cues from Wall Street overnight. Most of ASX sectors advanced, with energy, technology, and financials stocks being notable gainers.

At closing bell, the benchmark S&P/ASX200 index was up 13.11 points, or 0.18%, to 7,430.86. The broader All Ordinaries index added 14.08 points, or 0.18%, to 7,628.60.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.27%, followed by telecommunication services (up 1.15%), A-REIT (up 0.62%), healthcare (up 0.6%), and consumer staples (up 0.5%).

The top performing stocks in S&P/ASX200 index were SIMS LIMITED and DOMAIN HOLDINGS AUSTRALIA, up 7.08% and 5.46% respectively. The bottom performing stocks in S&P/ASX200 index were THE STAR ENTERTAINMENT GROUP and ANSELL, down 13.47% and 8.72% respectively.

Shares of Tech and telecommunications sectors performed best, with software provider WiseTech Global up 3.1% and Carsales.com up 1.2%.

Share prices in energy, materials and industrials closed lower. Manufacturing company James Hardie Industries' shares were down 4.25% after the company announced it would cut its annual profit forecast in its North America market for a third time. Mining giants Rio Tinto and BHP ended the day in the red with small losses

Challenger shares jumped 4.4% to $7.58 after financial services firm reported higher normalised profit and underlined that it was benefiting from higher interest rates. The investment management company reaffirmed its guidance for the year.

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