Australia Market closes 0.63% higher

Australia stock market finished session strongly in green territory on Monday, 20 May 2024, as risk sentiments underpinned on tracking positive lead from Wall Street last Friday due to rising expectations for Fed rate cuts in 2024 and China's stimulus measures announced last week. However, market gains were limited ahead of the release of the minutes of the RBA's May meeting on Tuesday.

At closing bell, the benchmark S&P/ASX200 index was up 49.28 points, or 0.63%, to 7,863.66. The broader All Ordinaries index advanced 49.72 points, or 0.62%, to 8,132.06.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.23%, followed by materials (up 1.93%), information technology (up 1.05%), and financials (up 0.6%), while healthcare was worst performing sector, falling 0.86%.

The top performing stocks in S&P/ASX200 index were THE STAR ENTERTAINMENT GROUP and PALADIN ENERGY, up 20% and 7.57% respectively. The bottom performing stocks in S&P/ASX200 index were AUDINATE GROUP and COCHLEAR, down 5.85% and 3.23% respectively.

Shares of energy and materials sectors were sharply higher, with uranium miner Paladin Energy surging 7.6%, while mining giant BHP jumped 1.9% and Rio Tinto 2.8%. Coal miner New Hope finished 5.8% higher on the back of a positive quarterly update.

Star Entertainment shares soared 20% after the casino operator said it had received unsolicited and non-binding interest from several external parties regarding potential takeover transactions.

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