Australia Market ends higher after PM calls for 21st May election

11 Apr 2022 , 04:36 PM

The Australian share market finished session marginally higher on Monday, 11 April 2022, after clawing back earlier losses, as Prime Minister Scott Morrison sets the countrys Election Day for May 21, with gains in financials on hopes for improving margins offsetting declines in the mining sector.

However, market gains capped as unease lingered over tightening monetary policy by the United States coupled with lingering worries over the economic costs of war in Ukraine and a worsening coronavirus outbreak in Shanghai.

At closing bell, the benchmark S&P/ASX200 gained by 7.20 points, or 0.1%, to 7,485.19. The broader All Ordinaries index added 1.19 points, or 0.02%, to 7,773.21.

Materials stocks declined with Rio Tinto and BHP sliding 1.6% and 0.6%, respectively, on tracking drop in base metals prices after the U.S. dollar strengthened and COVID-19-led lockdowns in China raised concerns around demand.

Energy stocks slipped as oil prices fell upon release of emergency reserve inventories in the face surging fuel prices due to the Russia-Ukraine conflict. Sector major Woodside Petroleum dropped about 1.3%.

Financial stocks closed higher, as banks benefited from the prospects of rate hikes by the Reserve Bank of Australia and more policy tightening by the U.S Federal Reserve. The Big Four lenders added 0.8%-1.4%.

CURRENCY NEWS: The Australian dollar was at $0.7433 following last weeks drop from above $0.763.

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