Australia Stocks end softer as profit booking

Australia stock market finished session slightly lower after reversing early gains on Monday, 14 November 2022, as profit-taking in financial stocks more than offset a rally in commodity-related stocks after China eased some COVID-19 curbs.

At closing bell, the benchmark S&P/ASX200 index was down 11.61 points, or 0.16%, to 7,146.35. The broader All Ordinaries index edged up 0.13 point, or 0.00%, to 7,350.23.

Total 10 of 11 sectors ended down, with information technology (up 5%) sector was outperformed, followed by property trusts 9up 4.1%), materials (up 3.7%), healthcare (up 3.6%), and consumer discretionary (up 3.5%), while utilities (down 0.5%) sector was worst performer.

The top performing stocks in S&P/ASX200 index were MEGAPORT and PINNACLE INVESTMENT MANAGEMENT GROUP, up 13.6% and 12.5% respectively. The bottom performing stocks in S&P/ASX200 index were Whitehaven Coal and Origin Energy, down 3.5% and 3.1% respectively.

Shares of financials were lower, with all the Big Four banks fell down, led by top lender Commonwealth Bank of Australia's.

Materials and resources were higher after iron ore and other base metals' prices soared on China easing some of its COVID-19 rules. BHP Group, Rio Tinto and Fortescue Metals Group finished 3.3% to 10.1% higher. Champion Iron rose 12.9%. Diversified mining services provider Perenti jumped 6.3% after the mining services provider upgraded its earnings outlook for fiscal 2023.

Energy stocks also rose after oil prices rose on health authorities in China easing some of the country's new COVID-19 curbs, raising hopes for improved demand. Beach energy and Origin Energy gained almost 1% each, while Woodside Energy added almost 2%.

Agribusiness Elders shares plunged 22.9% after the agribusiness firm flagged concerns about reaching full harvest potential for summer and winter crops due to extreme rainfall in the eastern states.

Powered by Capital Market - Live News