Australia Market surges on upbeat offshore lead

Australia stock market finished session in negative territory on Tuesday, 06 September 2022, as risk sentiments underpinned on tracking positive lead from Wall Street overnight. Meanwhile, buying pressure amplified on easing worries about further aggressive monetary tightening after Reserve Bank of Australia governor Philip Lowe signalled a slower pace of interest rate hikes.

At closing bell, the benchmark S&P/ASX200 index was up 119.33 points, or 1.77%, to 6,848.67. The broader All Ordinaries index advanced 126.07 points, or 1.81%, to 7,085.33.

The top performing stocks in S&P/ASX200 index were TYRO PAYMENTS and LIFE360 INC, up 27.9% and 16.36% respectively. The bottom performing stocks in S&P/ASX200 index were WOODSIDE PETROLEUM and ALUMINA, down 5.5% and 2.5% respectively.

Tech stocks advanced, benefiting from the mildly dovish comments made by the top central banker and tracking the technology-heavy Nasdaq. Cloud services provider Megaport led gains with a 12.8% jump, while battery maker Novonix rose 11.7% and payments solutions provider EML Payments climbed 7.9%.

Materials and resources stocks were also higher, as Dalian iron ore futures climbed after the Chinese city of Zhengzhou said it would start building stalled housing projects, with Rio Tinto, BHP Group, and Fortescue Metals gaining between 1.8% and 5.1%.

Energy stocks were the only laggards, as oil prices slumped. Sector majors Woodside Energy and Santos shed 7.8% and 2.7%, respectively.

Among individual stocks, Link Administration shares soared 6.3% after Australia's competition regulator approved Canadian firm Dye & Durham's buyout of Link, provided it divests its local businesses.

Payments platform Tyro shares soared 31.5% after rejecting an unsolicited takeover offer from private equity firm Potentia Capital Management and a group of investors.

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