Australia Market gains 0.11%
At closing bell, the benchmark S&P/ASX200 index increased by 8.31 points, or 0.11%, to 7,712.53. The broader All Ordinaries index grew by 9.42 points, or 0.12%, to 7,973.03.
Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.15%, followed by utilities (up 0.88%), and consumer discretionary (up 0.61%). Energy was the worst performing sector, falling 0.77%, followed by consumer staples (down 0.4%).
The top performing stocks in S&P/ASX200 index were BELLEVUE GOLD and STRIKE ENERGY, up 10.31% and 9.52% respectively. The bottom performing stocks in S&P/ASX200 index were CORONADO GLOBAL and WHITEHAVEN COAL, down 3.91% and 3.55% respectively.
Gold stocks were the biggest gainers on the benchmark index on strength in bullion prices. Northern Star Resources and Evolution Mining gained 1.7% and 1.6%, respectively. Alumina gained 8.1%, hitting its highest level since Aug. 21 on agreeing to a $2.2 billion buyout offer from Alcoa.
Energy stocks declined, with Woodside Energy and Santos shedding 1.2% and 0.6%, respectively.
ECONOMIC NEWS: Australian Private House Approvals Decline for Third Consecutive Month- Private house approvals in Australia fell by 9.9% month-on-month to 7,461 units in January 2024, marking the third consecutive month of decline. The drop was the steepest in the sequence, with decreases in permits observed in Victoria -16.7%, New South Wales -13.1%, Western Australia -7.3%, Queensland -1.7%, and South Australia -0.4%.
Australian Home Approvals Decline in January 2024-In January 2024, total home approvals in Australia fell by 1% to 12,850 units, continuing a three-month decline. This was driven by a 9.9% drop in private house approvals, which totaled 7,461 units. Approvals for private dwellings excluding houses rose by 19.5% to 5,238 units. Declines were seen in New South Wales (-14.9%), Victoria (-9.8%), and South Australia (-7.2%), while increases were observed in Queensland (31.8%), Western Australia (11.4%), and Tasmania (5.1%).
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