Australia Market ends modestly higher

22 Nov 2022 , 02:25 PM

Australia stock market finished session modestly higher on Tuesday, 22 November 2022, as gains in energy, materials, and tech stocks were more than offset by losses in industrial, and consumer staples. Investors sentiments remained subdued despite a positive day, amid concerns about the outlook for the world second largest economy as imposition of stringent restrictions and lockdowns in several cities in China, including Shanghai and Beijing. Also, limiting upside was caution ahead of the US market Thanksgiving holiday on Thursday and the Federal Reserves minutes of policy meeting due in this holiday-shortened week. At closing bell, the benchmark S&P/ASX200 index was up 42.04 points, or 0.59%, to 7,181.30. The broader All Ordinaries index added 41.34 points, or 0.56%, to 7,376.42. The top performing stocks in S&P/ASX200 index were VIRGIN MONEY UK PLC and WHITEHAVEN COAL, up 10.6% and 7.8% respectively. The bottom performing stocks in S&P/ASX200 index were NANOSONICS and DE GREY MINING, down 3.2% and 2.3% respectively. Energy stocks were among the strongest gainers, with Whitehaven Coal jumping 7.8% and Yancoal up 7%. Woodside Energy and Santos also closed in the green, up 2.9 and 2.2%, respectively. Australian lithium miner Pilbara Minerals advanced 3.4% after the worlds second-biggest producer SQM announced a ?pretty large dividend? overnight that followed the company last week bullish outlook on lithium, expecting lithium prices to stay elevated for the rest of 2022 and into 2023. Powered by Capital Market – Live News