Australia Market extends gain

Australia stock market finished session higher on Friday, 10 May 2024, extending yesterday gains, as risk sentiments bolstered by mirroring a rosy Wall Street session overnight on renewed bets for U.S. interest rate cuts later this year following softer-than-expected jobs growth in April. Most of ASX sectors advanced, with banking and energy stocks leading the charge.

At closing bell, the benchmark S&P/ASX200 index advanced by 27.36 points, or 0.35%, to 7,749. The broader All Ordinaries index was up 28.48 points, or 0.36%, to 8,022.70.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +1.87%, followed by financial (up 0.69%), telecommunications (up 0.65%), and healthcare (up 0.41%), while industrial sector was bottom performer, down 0.14%.

 

The best-performing stocks in S&P/ASX200 index were HELIA GROUP and BEACH ENERGY, up 5.95% and 4.00% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and DOMAIN HOLDINGS, down 7.08% and 3.67% respectively.

Shares of banks and financials advanced, with the "Big Four" banks closing up between 0.4% and 1.3%.

Energy stocks advanced as oil prices rose amid recent positive signs of economic recovery in China. Sector majors Woodside and Santos climbed 1.9% and 2.1% respectively.

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