Australia Market ends stronger

Australia stock market finished session slightly higher on Monday, 26 February 2024, as gains in technology, healthcare, consumer discretionary, and financial stocks countered the losses in consumer staples, miners and energy firms.

At closing bell, the benchmark S&P/ASX200 index was up 9.26 points, or 0.12%, to 7,652.84. The broader All Ordinaries index added 8.96 points, or 0.11%, to 7,908.14.

Technology and consumer discretionary shares outperformed the market, with shares in WiseTech (up 1.4%), Xero (up 2.1%) and data centre operator NEXTDC (up 1%) all increasing. Wesfarmers (up 1.8%) and Aristocrat Leisure (up 1.3%) both climbed. Online electronics seller Kogan.coms share price rocketed more than 20% after it unveiled a 42.2% surge in gross profits to $89.5 million and a 5.9% improvement on gross margins for the first half of the 2024 financial year.

 

Energy shares closed lower as crude oil prices extended losses amid concerns over a potentially higher U.S. inflation print. Sector heavyweights Woodside and Santos fell 1.7% and 5.3%, respectively.

Materials and resources were also weaker on the back of declining iron-ore and copper prices

Suncorp (up 3.5%) was stronger after the insurer reported a 14% increase in its cash earnings amid a rise in premiums.

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