Australia Stocks rebound on bargain hunting

The Australian share market finished session higher on Wednesday, 23 February 2022, as investors chased for bargain hunting after sanctions by the Western nations against Moscow, with shares in mining and healthcare stocks being notable gainers.

At closing bell, the benchmark S&P/ASX200 advanced 44.41 points, or 0.62%, to 7,205.69. The broader All Ordinaries index gained by 51.70 points, or 0.7%, to 7,473.87.

The top performing stocks in this index were HUB24 and PALADIN ENERGY, up 9.85% and 9.09% respectively. The bottom performing stocks in this index were DOMINO PIZZA and COSTA GROUP HOLDINGS, down 14% and 8.6% respectively.

Healthcare stocks were the biggest boost to the benchmark with sector heavyweights Cochlear and CSL gaining 5.1% and 0.7%, respectively.

Mining shares followed suit, with BHP Group climbing 0.6% while Rio Tinto gained 1.2%.

In company news, Woolworths (WOW) added 1.4% after posting an 8% increase in revenue. WiseTech Global (WTC) added 4.2% after posting an 18% climb in revenues and a 74% jump in statutory profits.

ECONOMIC NEWS: Australia Construction Work Done Up 2.9% In Q4- Australia construction work done was up a seasonally adjusted 2.9% on quarter in the fourth quarter of 2021, the Australian Bureau of Statistics said on Wednesday, coming in at A$53.463 billion and following the 0.3% contraction in the three months prior. Building work done fell 1.3% on quarter to A$30.398 billion, while engineering work done rose 0.7% on quarter to A$23.065 billion. Residential building work was up 1.3% on quarter and residential building work dropped 2.9%.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.05 after recently falling from above 96.2. The Australian dollar was at $0.7234 after climbing from below $0.72 yesterday.

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