Australia Market bounces 1.3%

The Australian share market finished session higher on Friday, 07 January 2022, snapping two days of losing streak, as investors chased for bottom fishing across the board, with financials, energy, tech, and utilities stocks leading the surge.

At closing bell, the benchmark S&P/ASX200 was up 95.03 points, or 1.29%, to 7,453.35. The broader All Ordinaries index added 95.12 points, or 1.24%, to 7,774.39.

The top performing stocks in this index were MEDIBANK PRIVATE and UNIBAIL-RODAMCO-WESTFIELD, up 5.88% and 5.84% respectively. The bottom performing stocks in this index were SIMS and NOVONIX, down 6.25% and 5.94% respectively.

Energy stocks advanced, as oil prices gained overnight on supply concerns after escalating unrest in OPEC+ oil producer Kazakhstan and supply outages in Libya. Major oil and gas explorers Santos and Woodside Petroleum gained 1.8% and 2.1%, respectively.

 

Shares of financials jumped, propelled by the "Big Four" banks. Commonwealth Bank of Australia, Westpac Banking, and Australia and New Zealand Banking Group added between 1.6% and 2.2%.

Shares in James Hardie eased 4.1% after the company fired its CEO for inappropriate conduct and appointed a new interim boss.

Australian Pharmaceutical Industries skidded 12.4% after Woolworths Group pulled out its acquisition offer, leaving Wesfarmers as the only bidder.

Ramsay Health Care edged up 0.9% even as it warned of material impact from new restrictions on elective surgery in NSW and Victoria.

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