At closing bell, the benchmark S&P/ASX200 index was down 6.80 points, or 0.09%, to 7,251.60. The broader All Ordinaries index declined 1.89 points, or 0.03%, to 7,456.14.
The top performing stocks in S&P/ASX200 index were RAMELIUS RESOURCES and PERSEUS MINING., up 6.7% and 4.83% respectively. The bottom performing stocks in S&P/ASX200 index were LINK ADMINISTRATION HOLDINGS and LIFESTYLE COMMUNITIES, down 5.68% and 4.94% respectively.
Total 9 of 11 sectors were lower along with the S&P/ASX 200 Index. Materials was the best performing sector, gaining +2.29%, followed by energy (up 1.62%) sector. Telecommunication services was the worst performing sector, falling 2.26%, followed by A-REIT (down 1.73%) sector.
Shares of materials sector advanced, with stocks relatively high exposure to the world's second-largest economy led rally after the release of stronger-than-expected Chinese economic data. Yancoal (up 5.6%), Allkem (up 4.5%) and BlueScope Steel (up 4.4%) led the gains, while heavyweights BHP (up 2.3%) and Fortescue (up 3.4%) also helped to buoy the index.
Gold stocks were also higher, including Ramelius Resources (+6.7%), Perseus Mining (+4.8%), Evolution Mining (+4%) and De Grey Mining (+3.9%) and Newcrest Mining (+3.7%).
ECONOMIC NEWS: Australia's gross domestic product expanded a seasonally adjusted 0.5% on quarter in the fourth quarter of 2022, the Australian Bureau of Statistics said on Wednesday. This was down from the upwardly revised 0.7% gain in the previous three months (originally 0.6%). On an annualized basis, GDP was up 2.7%, down from 5.9% in the three months prior.
The manufacturing sector in Australia moved into expansion territory in February, the latest survey from Judo Bank showed on Wednesday with a manufacturing PMI score of 50.5. That's up from the boom-or-bust score of 50 that separates expansion from contraction in January.
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