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Australia Market rebounds on bargain buying

Capital Market 

The Australian share market has finished higher for first time in three sessions in row on Thursday, 18 November 2021, as investors chased for bargain hunting on recently battered stocks, with shares of realty, telecom, healthcare, and consumer staples sectors being notable gainers and helped to offset losses in energy and financials.

At closing bell, the benchmark S&P/ASX200 added 9.27 points, or 0.13%, to 7,379.20. The broader All Ordinaries index rose 9.13 points, or 0.12%, to 7,713.17.

The top performing stocks in this index were EVOLUTION MINING and NUFARM, up 9.7% and 5.2% respectively. The bottom performing stocks in this index were WHITEHAVEN COAL and MESOBLAST, down 4.47% and 4.17% respectively.

Property stocks led the market recovery with real estate company Mirvac rising 1.8% and property trust GPT Group climbing 2.2%.

Goodman Group advanced 2.5% after the property giant forecast a more than 15% growth in full-year operating earnings per security.

Shares of healthcare companies advanced, with Sonic Healthcare rising 3% after medical laboratory company provided healthy trading update at its annual general meeting.

Shares of consumer staples sectors rose, with crop protection provider Nufarm climbed 5.2% after revenue and profit surged for the year to September 30.

Shares of energy firms declined as crude prices dropped to a one-month low after reports that the United States was asking major oil consumers like China and Japan to consider a coordinated release of oil reserves.

Financials fell, with Commonwealth Bank of Australia down 1.6% after margin-hit warning, while the rest of the "Big Four" lenders slipped between 0.9% and 1.4%.

Shares of Gold miner Evolution Mining jumped as much as 9.7% after it signed a pact with Swiss giant Glencore to acquire the Ernest Henry copper-gold mine northeast of Cloncurry in Queensland for $1bn.

CURRENCY NEWS: The U. S. dollar pulled back slightly against a basket of its peers, trading down 0.15% at 95.682. The Australian dollar rose 0.21% to $0.7281.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 18 2021. 17:27 IST