Australia Stocks rebounds on bargain hunting

Australia stock market finished session higher on Thursday, 17 November 2022, snapping three days losing streak, as investors chased for bottom fishing on recently battered stocks. Meanwhile better-than-expected unemployment rate in Australia also boosted up sentiments toward riskier assets.

At closing bell, the benchmark S&P/ASX200 index was up 13.41 points, or 0.2%, to 7,135.65. The broader All Ordinaries index added 11.60 points, or 0.16%, to 7,338.99.

Total 9 of 11 sectors ended higher along with the rise in the S&P/ASX 200 Index, with consumer staples sector outperformed with 1.9% gains, followed by consumer discretionary, and information technology issues. Bucking the trend, energy (down 2.06%) sector was worst performer, followed by materials (down 1.2%) sector.

The top performing stocks in S&P/ASX200 index were PENDAL GROUP and WEBJET, up 10.54% and 10.14% 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 as better-than-expected jobs data made a case for more interest rate hikes, with so-called big four banks - National Australia Bank, Commonwealth Bank, ANZ Banking and Westpac gained.

ECONOMIC NEWS: The unemployment rate in Australia came in at a seasonally adjusted 3.4% in October, down from 3.5% in September, the Australian Bureau of Statistics said on Thursday. The Australian economy added 32,200 jobs last month, following the addition of 900 jobs in the previous month.

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