Australia Market rises on upbeat offshore lead

Australia stock market finished session firmly higher on Wednesday, 19 October 2022, as risk confidence received a boost from Wall Street overnight on positive financial results, with shares in the healthcare and financial sectors led market rally.

At closing bell, the benchmark S&P/ASX200 index was up 20.84 points, or 0.31%, to 6,800.06. The broader All Ordinaries index added 23.58 points, or 0.34%, to 6,999.78.

The top performing stocks in S&P/ASX200 index were NOVONIX and CORE LITHIUM, up 19% and 8.2% respectively. The bottom performing stocks in S&P/ASX200 index were MEGAPORT and ST BARBARA, down 19% and 4.7% respectively.

Financials led the gains, with the country's "big four" banks advancing in the range of 0.7% to 1.4%. The healthcare stocks were up, with index major CSL advancing nearly 0.5%.

On the flip side, the energy stocks were also lower, with Woodside Energy and Santos dropping about 1% and 1.3%, respectively.

Whitehaven Coal shares rose 1.1%, even as it reported a 23% drop in quarterly production due to flooding in New South Wales, where its projects are located.

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