Australia Market extends gains

The Australian share market finished higher for second straight session on Wednesday, 02 February 2022, as investors risk sentiments improved on tracking an overnight Wall Street rally and the Reserve Bank of Australia upbeat economic outlook and called for patience in tightening monetary policy, prompting investors to scoop up recently oversold stocks.

At closing bell, the benchmark S&P/ASX200 advanced 81.65 points, or 1.17%, to 7,087.69. The broader All Ordinaries index grew 88.83 points, or 1.19%, to 7,399.60.

A jump in oil prices lifted energy stocks, with Woodside Petroleum and Santos rising around 3% each.

Miners BHP, Rio Tinto, South32 and Fortescue Metals Group rallied 2-4% as copper and nickel prices rose on a weaker dollar.

 

CURRENCY NEWS: The Australian dollar changed hands at $0.7134 following its rise from levels below $0.702 earlier in the trading week.

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