Australia Market rebounds on mining, energy boost

Australia stock market finished session higher on Tuesday, 27 September 2022, as investors bought battered shares that fell sharply the recent days, with shares in materials and energy sectors leading rally.

At closing bell, the benchmark S&P/ASX200 index rose 26.75 points, or 0.41%, to 6,496.16. The broader All Ordinaries index added 29.03 points, or 0.44%, to 6,696.52.

Total 7 of 11 sectors were lower, with realty sector was the worst performer, falling 2.2%, followed by telecommunication services (down 1%). Materials was the best performing sector, gaining 2.6%, followed by energy (up 1.7%).

The top performing stocks in S&P/ASX200 index BRAINCHIP HOLDINGS and WHITEHAVEN COAL, up 7.23% and 6.83% respectively. The bottom performing stocks in S&P/ASX200 index were CORE LITHIUM and FISHER & PAYKEL, down 5.6% and 4.7% respectively.

Shares of materials and resources were higher on buybacks, with BHP, Rio Tinto, Fortescue Metals Group and Mineral Resources jumping between 2-6%.

Energy stocks advanced, with oil and gas major Woodside Energy gaining 1.2%. Santos rose 1.4% after the gas explorer said it received a $1.4 billion binding offer from Papua New Guinea's state-owned Kumul Petroleum for a 5% stake in the PNG liquefied natural gas project.

Star Entertainment added 1.1% after the company said it has developed a comprehensive remediation plan after it was found unfit to hold a casino license in Sydney.

Powered by Capital Market - Live News