Australia Market rises 0.35%

Australia stock market finished session modestly higher on Wednesday, 15 May 2024, as risk sentiments underpinned on following the broadly positive cues from Wall Street overnight. Also, Australia's new federal budget, aimed at curbing inflation and reducing energy costs, has sparked enthusiasm in the markets.

ASX sectoral indices were mostly higher, with materials, healthcare, consumer discretionary, telecom, and realty issues being notable gainers.

At closing bell, the benchmark S&P/ASX200 index added 26.94 points, or 0.35%, to 7,753.70. The broader All Ordinaries index was up 25.20 points, or 0.32%, to 8,020.91.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Material was the best performing sector, gaining +1.19%, while industrial sector was bottom performer, down 0.63%.

The best-performing stocks in S&P/ASX200 index were IDP EDUCATION and NEUREN PHARMACEUTICALS, up 7.05% and 5.64% respectively. The bottom performing stocks in S&P/ASX200 index were HEALIUS and FLETCHER BUILDINGS, down 5.97% and 4% respectively.

Real estate investment trusts were among the worst performers as Westfield shopping centre Scentre Group and developer Mirvac both dropped about 1%.

Industrial stocks also declined, led lower by Seven Group Holdings (down 3.1%), Transurban (down 1.8%) and Brambles (down 1.5%).

Materials stocks performed strongly, with BHP (up 2.2%) and Rio Tinto (up 1.1%), together with coal miner South32 (up 1.4%) leading gains.

Shares of of critical minerals and rare earth miner Mineral Resources (up 0.6%) and Lynas (up 1.3%) advanced, after the federal government announced in the budget $7 billion in tax incentives over 11 years from 2023-24, aimed at boosting the sector.

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