Australia: Market rebounds on bargain hunting

The Australian share market finished higher for the first time in five consecutive sessions on Friday, 12 November 2021, as investors chased for bottom fishing after recent selloff. Most of ASX sectors advanced, with shares of materials being notable gainers.

At closing bell, the benchmark S&P/ASX200 advanced 61.10 points, or 0.83%, to 7,443.05. The broader All Ordinaries index added 64.62 points, or 0.84%, to 7,765.82.

The top performing stocks in S&P/ASX200 index were JAMES HARDIE INDUSTRIES PLC and IGO, up 5.2% and 4.8% respectively. The bottom performing stocks in S&P/ASX200 index were FISHER & PAYKEL HEALTHCARE Co and NEARMAP, down 3.19% and 2.92% respectively.

Shares of materials and resources advanced on the back of firmer iron ore prices, with BHP, Rio Tinto, South32 and Fortescue Metals Group climbing 2-3 percent. Shares in Calix surged 20% to A$7.34 after the green technology company announced the filing of a patent covering a new method for the production of iron and steel that delivers zero emissions.

Healthcare stocks bucked the trend, with ResMed down 1.6%, while Fisher & Paykel Healthcare sank 3.2%. Ramsay Health Care fell 1.3%.

Perth-based disability services provider APM Human Services fell 6.2% to A$3.33 on its ASX debut today. The company raised A$982 million in its IPO which was priced at A$3.55 per share.

CURRENCY NEWS: The Australian dollar changed hands at $0.7296, still off levels above $0.738 seen earlier this week.

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