Australia Market surges to 3-1/2 month high in post-Christmas trade

The Australian shares moved mostly higher fifth straight session on Wednesday, 29 December 2021, with the benchmark S&P/ASX 200 Index settling at a 3-1/2 month high, thanks to buying across the broad, with financials and energy stocks leading the surge.

However, market gains capped amid concerns about the impact caused by Omicron-driven economic disruptions as surge in COVID-19 infections in the country's most populous state New South Wales nearly doubled to 11,201.

At closing bell, the benchmark S&P/ASX200 was up 89.51 points, or 1.21%, to 7,509.81. The broader All Ordinaries index added 95.64 points, or 1.23%, to 7,840.34.

The top performing stocks in this index were CHALICE MINING and LIONTOWN RESOURCES, up 7.79% and 7.47% respectively. The bottom performing stocks in this index were WHITEHAVEN COAL and AFTERPAY, down 2.2% and 1.8% respectively.

Shares of energy sector rose on stronger crude oil prices, with Beach Energy and Viva Energy firming 4.1% and 2.2%, respectively.

Shares of materials and resources were up after copper prices hit a one-month peak. Chalice Mining shares soared 7.8% after the platinum explorer said it was closer to beginning drilling at its Julimar project in Western Australia.

CURRENCY NEWS: The Australian dollar changed hands at $0.722 following recent declines from above $0.725.

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