Australia Market rises on upbeat services sector data

Australia stock market finished session higher on Thursday, 04 April 2024, on the back of gains across the board, led by shares of tech, utilities, realty, energy, consumer goods and materials, thanks to stronger than expected Australia's services sector data coupled with stronger base metal prices.

At closing bell, the benchmark S&P/ASX200 index advanced by 34.80 points, or 0.45%, to 7,817.34. The broader All Ordinaries index added 38.85 points, or 0.48%, to 8,072.45.

All 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining 1.18%, followed by utilities (up 0.94%), A-REIT (up 0.75%), energy (up 0.67%), industrials (up 0.63%) sectors.

 

The top performing stocks in S&P/ASX200 index were ARCADIUM LITHIUM PLC and LIONTOWN RESOURCES LIMITED, up 6.29% and 5.22% respectively. The bottom performing stocks in S&P/ASX200 index were THE A2 MILK CO and RELIANCE WORLD, down 1.83% and 1.57% respectively.

ECONOMIC NEWS: Australia Services Sector Accelerates In March-The services sector in Australia continued to expand in March, and at a faster pace, the latest survey from Judo Bank revealed on Thursday with a services PMI score of 54.4. That's up from 53.1 in February, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Underpinning the latest acceleration in services activity growth was a second straight month of new business gains in March. Improvements in client demand and greater enquiries led to higher new work inflows. The transport & storage sector recorded the sharpest growth in new sales, followed by consumer services, according to detailed sector data. In contrast, new export business fell in March on the back of a reduction in overseas demand. New export business has now fallen five times in the last six months, though only fractionally during March.

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