At closing bell, the benchmark S&P/ASX200 rose 68.83 points, or 0.95%, to 7,313.90. The broader All Ordinaries index added 76.19 points, or 1.01%, to 7,605.23.
Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.07%, followed by information technology (up 1.9%), healthcare (up 1.73%), consumer discretionary (up 1.6%), and realty (up 1.27%).
The top performing stocks in this index were POINTSBET HOLDINGS and ZIP CO, up 9.92% and 9.91% respectively. The bottom performing stocks in this index were MAGELLAN FINANCIAL GROUP and NICKEL MINES, down 6.38% and 4.3% respectively.
Shares in Zip Co (Z1P) rallied 9.9% to $4.77 on the back of its November trading update. The buy-now-pay-later company reported record transaction numbers for the month of 7.5m (up 86% YoY) as well as record monthly transaction volume of $906.5m (up 52% YoY).
Magellan Financial Group (MFG) was the worst performer on the ASX200, dropping 6.4% to $29.10, following the resignation of its CEO Dr Brett Cairns who stood down today for personal reasons. CFO Kirsten Morton has been appointed as Interim Chief Executive Officer.
ECONOMIC NEWS: Australia Building Permits Down 12.9% On Month In October- Australia total number of building permits was down a seasonally adjusted 12.9% on month in October, the Australian Bureau of Statistics said on Tuesday, coming in at 15,911 and following the 3.9% drop in September. Permits for private sector houses rose 4.3% on month to 10,799, while permits for private sector dwellings excluding houses plummeted 37.5% to 4,821. On a yearly basis, permits for private sector houses slipped 3.7%, permits for private sector dwellings excluding houses sank 16.5% and overall permits fell 8.1%.
The Australian Bureau of Statistics also said that house prices in Australia were up a seasonally adjusted 5.0% on quarter in the third quarter of 2021, slowing from 6.7% in the previous three months. On a yearly basis, house prices jumped 21.7%, up from 16.8% in the second quarter. The total value of residential dwellings in Australia rose A$487.0 billion to A$9,259.2 billion this quarter, and the mean price of residential dwellings rose A$42,000 to A$863,700. The number of residential dwellings was 10.720 million.
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The Reserve Bank of Australia met today for the final time this year, leaving the cash rate on hold as expected at 0.1%.
CURRENCY NEWS: The Australian dollar was at $0.7068, as it strengthened from the $0.701 level.
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