Australia Market rises on resources boost

Australia stock market finished higher for second straight session on Friday, 09 September 2022, with mining and energy stocks leading the surge, as risk sentiments underpinned on tracking positive lead from Wall Street overnight.

However, market gains capped on worries about slowing global economic growth after hawkish remarks from global policymakers that firmly established views of aggressive rate hikes to tame inflation. Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was "strongly committed" to controlling inflation, while the European Central Bank also signalled further hikes to fight inflation.

At closing bell, the benchmark S&P/ASX200 index was up 45.51points, or 0.66%, to 6,894.18. The broader All Ordinaries index advanced 53.67 points, or 0.76%, to 7,139.

The top performing stocks in S&P/ASX200 index were MINERAL RESOURCES LIMITED and TYRO PAYMENTS LIMITED, up 13.58% and 9.13% respectively. The bottom performing stocks in S&P/ASX200 index were LIFE360 INC and IMUGENE, down 4.6% and 4.3% respectively.

Materials and resources stocks were higher as iron ore prices rebounded in China. Sector majors Rio Tinto, BHP Group and Fortescue Metals added between 1% and 3.4%. Gold stocks jumped, with Northern Star Resources and Newcrest Mining climbing 1% and 0.6%, respectively.

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