Australia Market rebounds on bargain hunting

Australia stock market finished session modestly higher on Friday, 09 December 2022, snapping three days losing streak, as bargain hunting resumed on tracking broadly positive lead from Wall Street and on hopes of revived Chinese demand, with materials, realty and tech stocks led rally.

However, market gains capped as investors awaited the outcome of a slew of central bank meetings next week for additional clues on the pace of rate hikes.

At closing bell, the benchmark S&P/ASX200 index was down 53.84 points, or 0.74%, to 7,175.55. The broader All Ordinaries index was down 53.80 points, or 0.72%, to 7,369.35.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Materials was the best performing sector, gaining +1.92%, followed by information technology (up1%) and consumer staples (up 0.6%). Utilities issue was worst performer, losing 0.8%.

The top performing stocks in S&P/ASX200 index were CHAMPION IRON and SANDFIRE RESOURCES, up 5.15% and 4.81% respectively. The bottom performing stocks in S&P/ASX200 index were NOVONIX and CAPRICORN, down 4.5% and 4.3% respectively.

Shares of materials and resources advanced after base metal prices jumped overnight, with copper up 0.7% and aluminium up 0.5%, while gold and iron futures also rose. Mineral Resources gained 3.1%, Fortescue Metals was up 2.8% and Rio Tinto 2.3%. Explosives company Orica rose 2.9%.

Tech stocks were also higher on tracking gains in US peers. Chipmaker Nvidia climbed 6.5%

Financials stocks were mixed, with Westpac posted the largest gains of the big four banks, up 0.6%, while Maquarie Group ended 1.8% lower. ANZ shares were up 0.2% after lender announced that Clare Morgan had been appointed to the bank's executive committee and the group executive Australia commercial.

CURRENCY NEWS: AUD/USD marches towards the weekly high even as China's inflation numbers flashed mixed signals on Friday. The Australian dollar was up 0.12% at $0.6785 against greenback.

Powered by Capital Market - Live News