Australia Market rebounds 0.5%

Australia stock market eked out modest gains on Wednesday, 07 February 2024, snapping two days falling streak, as investor sentiment underpinned on tracking positive cues from Wall Street overnight and hopes of more support from Beijing.

At closing bell, the benchmark S&P/ASX200 index advanced 34.26 points, or 0.45%, to 7,615.84. The broader All Ordinaries index climbed up 41.96 points, or 0.54%, to 7,850.85.

Total 7 of 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining +1.74%, followed by materials (up 1.06%), A-REIT (up 1%), industrials (up 0.68%), and information technology (up 0.63%). Energy was the worst performing sector, falling 0.95%, followed by consumer discretionary (down 0.72%).

The top performing stocks in S&P/ASX200 index were CHALICE MINING and ALUMINA, up 8.52% and 5.69% respectively. The bottom performing stocks in S&P/ASX200 index were SANTOS and CSR, down 5.85% and 4.53% respectively.

Utilities shares were top performers today, with Origin Energy (up 2.7%), Mercury Nz (up 4%) and AGL (up 1.8%) leading gains.

Materials and resources shares also advanced. Lithium miners Pilbara Minerals (up 5.6%), Lynas Rare Earths (up 3.4%), IGO (up 4%) and Mineral Resources (up 2.9)% were among the top large-cap advancers. BHP shares rose 1%, while Rio Tinto shares were 0.9% higher.

Shares in boutique investment manager GQG Partner soared 7.4%, after the company revealed its funds under management increased 5% in one month to $US127 billion and its net inflows for the 12 months to January rose $US1.9 billion.

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