Australia Market gains on energy boosts

Australia stock market finished session slight higher on Thursday, 15 September 2022, on bargain-hunting after sharp falls the previous day, but gains were limited amid persistent concerns over an increased pace of interest rate hikes in the United States following unexpectedly strong U.S. inflation data.

At closing bell, the benchmark S&P/ASX200 index was up 14.27 points, or 0.21%, to 6,842.89. The broader All Ordinaries index added 10.64 points, or 0.15%, to 7,082.47.

The top performing stocks in S&P/ASX200 index were CORONADO GLOBAL RESOURCES INC. and NEW HOPE CORPORATION, up 9.1% and 6% respectively. The bottom performing stocks in S&P/ASX200 index were LAKE RESOURCES and SOUTH32, down 12.7% and 7.4% respectively.

 

Shares of energy companies advanced on the back of stronger crude oil prices, with Woodside Energy and Santos rallying 4.3% and 3.5%, respectively.

Among individual equities, Lithium developer Lake Resources plummeted 12.7% amid news of a disagreement between the company and its Kachi Project partner.

COMMODITY NEW: Crude prices inched higher on Thursday on the potential of renewed demand from China after Chengdu announced to ease lockdown measures. Brent crude futures limbed 0.4% to stand at $84.48 per barrel, while U.S. West Texas Intermediate rose 0.5% to $88.94 per barrel.

ECONOMIC NEWS: Australia added 33,500 jobs in the month of August, a 0.2% increase from July in seasonally adjusted terms. The nation's unemployment rate rose to 3.5%, with the youth unemployment rate at 8.4% for the month.

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