Australia Market gains 0.11%

Australia stock market finished session slightly higher on Tuesday, 12 March 2024, as gains in technology, utilities, and consumer discretionary shares offset by losses energy and consumer staples shares.

At closing bell, the benchmark S&P/ASX200 index increased by 8.31 points, or 0.11%, to 7,712.53. The broader All Ordinaries index grew by 9.42 points, or 0.12%, to 7,973.03.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.15%, followed by utilities (up 0.88%), and consumer discretionary (up 0.61%). Energy was the worst performing sector, falling 0.77%, followed by consumer staples (down 0.4%).

 

The top performing stocks in S&P/ASX200 index were BELLEVUE GOLD and STRIKE ENERGY, up 10.31% and 9.52% respectively. The bottom performing stocks in S&P/ASX200 index were CORONADO GLOBAL and WHITEHAVEN COAL, down 3.91% and 3.55% respectively.

Gold stocks were the biggest gainers on the benchmark index on strength in bullion prices. Northern Star Resources and Evolution Mining gained 1.7% and 1.6%, respectively. Alumina gained 8.1%, hitting its highest level since Aug. 21 on agreeing to a $2.2 billion buyout offer from Alcoa.

Energy stocks declined, with Woodside Energy and Santos shedding 1.2% and 0.6%, respectively.

ECONOMIC NEWS: Australian Private House Approvals Decline for Third Consecutive Month- Private house approvals in Australia fell by 9.9% month-on-month to 7,461 units in January 2024, marking the third consecutive month of decline. The drop was the steepest in the sequence, with decreases in permits observed in Victoria -16.7%, New South Wales -13.1%, Western Australia -7.3%, Queensland -1.7%, and South Australia -0.4%.

Australian Home Approvals Decline in January 2024-In January 2024, total home approvals in Australia fell by 1% to 12,850 units, continuing a three-month decline. This was driven by a 9.9% drop in private house approvals, which totaled 7,461 units. Approvals for private dwellings excluding houses rose by 19.5% to 5,238 units. Declines were seen in New South Wales (-14.9%), Victoria (-9.8%), and South Australia (-7.2%), while increases were observed in Queensland (31.8%), Western Australia (11.4%), and Tasmania (5.1%).

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