Australia Stocks gains on financials, resources rally

Australia stock market finished higher for second straight session on Friday, 18 November 2022, on the back of gains in financials and materials and resources stocks.

However, market gains capped as hawkish comments from U.S. Federal Reserve officials and a persisting tight labour market raised fears of a prolonged monetary policy tightening.

At closing bell, the benchmark S&P/ASX200 index was up 16.18 points, or 0.23%, to 7,151.83. The broader All Ordinaries index added 15.76 points, or 0.21%, to 7,354.74.

The top performing stocks in S&P/ASX200 index were OZ MINERALS and NIB HOLDINGS, up 3.95% and 3.19% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and NEW HOPE CORP, down 12.6% and 6.5% respectively.

Shares of financials were up, with so-called big four banks - National Australia Bank, Commonwealth Bank, ANZ Banking and Westpac climbed between 0.2%-1.8%

Materials stocks gained as iron ore prices inched higher on hopes that China will roll out more measures to support its economy. BHP Group added 0.3% after delivering A$9.6 billion (S$8.8 billion) bid for copper and gold producer OZ Minerals. OZ Minerals surged 4%.

Rio Tinto edged down after it said it will proceed with acquiring the remaining 49% in Turquoise Hill Resources for $3.3 billion.

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