Australia Market rises on strong services data

Australia stock market finished session with firm note on Friday, 03 March 2023, as strong services sector data helped underpin market sentiments.

At closing bell, the benchmark S&P/ASX200 index was up 28.21 points, or 0.39%, to 7,283.57. The broader All Ordinaries index inclined 24.02 points, or 0.32%, to 7,484.04.

The top performing stocks in the S&P/ASX 200 Index index were LIONTOWN RESOURCES and RAMELIUS RESOURCES, up 13.19% and 5.58% respectively. The bottom performing stocks in S&P/ASX200 index were AMPOL and CAPRICORN METALs, down 5.77% and 3.97% respectively.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. Telecommunications Services was the best performing sector, gaining +0.86%, followed by healthcare (up 0.6%), financials (up 0.54%), and materials (up 0.5%) sectors.

Shares of materials and energy sectors advanced, led by BHP (up 0.6%) and Rio Tinto (up 1.6%).

Healthcare stocks climbed, including EBOS (up 4.9%), Sonic Healthcare (up 1.6%) and Resmed (up 1.5%). The communication services stocks were also higher, led by Telstra (1.2%).

ECONOMIC NEWS: The services sector in Australia bounced back up into expansion in February, the latest survey from Judo Bank revealed on Friday with a services PMI score of 50.7. That's up from 48.6 in January, and it moves back above the boom-or-bust line of 50 that separates expansion from contraction. The survey also showed that the composite PMI improved to 50.6 in February from 48.5 in January.

CURRENCY NEWS: The Australian dollar was stood at 0.6758 against greenback on Friday, up 0.43% from previous trading day closure at 0.6729 after trading in the range of 0.6724-0.6768.

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