Australia Market rebound 1.3%

Australia stock market finished session with strong gains on Wednesday, 21 December 2022, as investors chased for bargain hunting at relatively reduced levels following recent selloff. All ASX sectors advanced, with shares in utilities, realty, materials and energy companies leading rally.

At closing bell, the benchmark S&P/ASX200 index added 90.82 points, or 1.29%, to 7,115.09. The broader All Ordinaries index rose 93.46 points, or 1.3%, to 7,293.02.

All 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining +3.83%, followed by A-REIT (up 2.68%), energy (up 2.63%), materials (up 2.26%), and Information technology (up 1.7%) issues.

 

The top performing stocks in S&P/ASX200 index were EVOLUTION MINING and SILVER LAKE RESOURCES, up 8.10% and 7.79% respectively. The bottom performing stocks in S&P/ASX200 index were NOVONIX and LIONTOWN RESOURCES, down 7.35% and 1.85% respectively.

Shares of materials and resources companies advanced, with BHP up nearly 2.4%, Rio Tinto pushing 1.7% higher and Fortescue climbing 3%. Evolution Mining, St Barbara and Silver Lake Resources was up 8.1%, 8% and 7.8% respectively. Gold miner Newcrest jumped 6.5% on the back of buoyant gold prices.

Among individual movers, battery materials company Novonix was down 7.4% and Liontown Resources slipped 1.9% on the back of concerns raised by investment bank Barrenjoey about the long-term prospects for lithium prices, as production costs go up and demand starts to falter.

Accessories retailer Lovisa fell 1.3% and TPG Telecom declined 1.1% after the ACCC blocked a landmark infrastructure deal between it and Telstra, warning it would lessen competition and leave Australian mobile users worse off. Telstra shares dipped 0.5%.

CURRENCY NEWS: The Australian dollar was stood at 0.6682 against greenback on Wednesday, up by 0.04% from yesterday's close of 0.6677, after trading in the range of 0.6657-0.6697.

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