Australia Market rebounds on bargain hunting

Australia stock market finished ultimate session of the year in positive territory, Friday, 30 December 2022, as bargain buying resumed on tracking positive lead from Wall Street overnight.

U.S. data overnight showed the Federal Reserve's policy tightening had begun to impact labour market strength, a sign that rate hikes may slow down soon, helping local markets.

At closing bell, the benchmark S&P/ASX200 index advanced 18.63 points, or 0.27%, to 7,038.69. The broader All Ordinaries index added 24.37 points, or 0.34%, to 7,221.69.

For the year, the benchmark index lost 6%. Information technology, real estate and consumer discretionary were the three weakest sectors of the year, as people pulled inwards due to rising interest rates and inflation.

Financials led gains, with lender Commonwealth Bank of Australia rising 0.5%, while financial conglomerate Macquarie Group gained 0.6%. For the year, the financial sector shed 2.7% as rising costs and slowing demand for credit dented the outlook.

Energy stocks advanced, with Woodside Energy advancing 0.9%. The sector was up nearly 40% this year, as oil prices soared on supply worries.

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