Australia Market falls on profit taking

Australia stock market finished session lower on Friday, 02 December 2022, snapping three days winning streak, as investors opted to secure recent profit on following Wall Street's uneven lead overnight.

At closing bell, the benchmark S&P/ASX200 index was up 70.25 points, or 0.96%, to 7,354.42. The broader All Ordinaries index added 73.36 points, or 0.98%, to 7,554.01.

Total 7 of 11 sectors were lower along with the S&P/ASX 200 Index. A-REIT issue underperformed, losing 2.66%, followed by energy (down 2.45%), financials (down 1.02%), consumer discretionary (down 1.02%), and industrials (down 1%). Health Care was the best performing sector, gaining 1.09%

 

The top performing stocks in S&P/ASX200 index were CORPORATE TRAVEL MANAGEMENT and IPH, down 5.9% and 5.2% respectively. The bottom performing stocks in S&P/ASX200 index were CORPORATE TRAVELL and IPH, down 5.8% and 5.2% respectively.

Shares of banks and financials closed in the red, with Commonwealth Bank falling 1.4%.

Energy stocks were also down, with Woodside Energy declining 2.6% to $35.70 and Santos sinking 3.8% after it lost its bid to restart work at the multi-billion-dollar Barrosa gas project. Metallurgical coal company Coronado Global Resources lost 4.3% after it revealed its Curragh site would not meet production volumes and mining costs guidance due to unprecedented weather.

Shares of materials and resources companies advanced, with rare-earths miner Lynas gaining 2.5% and copper player Silver Lake Resources surging 7%. Gold miners Capricorn Metals and Newcrest Mining also advanced, climbing 8.1% and 2.1%, respectively.

ECONOMIC NEWS: Australia Retail Sales Fall 0.2% In October- The value of retail sales in Australia was down a seasonally adjusted 0.2% on month in October, the Australian Bureau of Statistics said on Friday - coming in at A$35.017 billion. On a yearly basis, retail sales climbed 12.5%. Individually, food retail was up, but household goods, clothing, department store sales, other retailing and cafretailing all were down. Online sales were relatively flat following a 0.5% decline in the previous month.

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