Australia Market rebounds on bargain hunting

Australia stock market finished session with solid gains on Wednesday, 15 March 2023, snapping three days losing streak, as traders chased for bottom fishing on tracking positive lead from Wall Street overnight and better than expected China economic data. Most of ASX sectors advanced, with shares of tech, healthcare, materials, realty, and financials sectors led gainers.

At closing bell, the benchmark S&P/ASX200 index was up 60.04 points, or 0.86%, to 7,068.92. The broader All Ordinaries index climbed up 62 points, or 0.86%, to 7,263.10.

The top performing stocks in the S&P/ASX 200 Index were PEXA GROUP and LINK ADMINISTRATION HOLDINGS, up 6.42% and 5.97% respectively. The bottom performing stocks in S&P/ASX200 index were IMUGENE and EVOLUTION MINING, down 4% and 3.2% respectively.

Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining 2.42%, followed by healthcare (up 1.55%), consumer staples (up 1%), A-REIT (up 0.96%), financials (up 0.9%), and materials (up 0.9%) sectors.

Shares of technology rebounded strongly, on tracking gains in their Wall Street peers, with Block Inc's ASX-listed shares SQ2.AX gaining 4.1% and Xero XRO.AX rising 2.3%.

Shares of materials and resources were also higher. Sector majors Rio Tinto and BHP Group rose 1.2% and 0.9%, respectively.

Gold stocks declined on profit taking, after a three-session rally. Gold prices fell on Tuesday after surging over 2% in the previous two sessions. Bellevue Gold plunged 9.7% and Northern Star Resources dived 2.3%.

CURRENCY NEWS: The Australian dollar was stood at 0.6686 against greenback on Wednesday, recovered 0.13% from previous trading day closure at 0.6679 after trading in the range of 0.6676-0.6712. The boost came after China released its latest data, confirming its economy was recovering from the damage of prolonged COVID lockdowns.

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