iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Australia Market extends gains; energy, miner leads

8 Jul 2022 , 05:20 PM

Australian share market finished session higher for second straight session on Friday, 08 July 2022, on the back of positive lead from Wall Street overnight on eased concerns over the US Federal Reserves aggressive rate hikes. At closing bell, the benchmark S&P/ASX200 advanced 30.05 points, or 0.45%, to 6,678.01. The broader All Ordinaries index gained 40.06 points, or 0.59%, to 6,876.97. For the week, the ASX200 gained 2.1% – its best performance since mid-March. The top performing stocks in this index were LIFE360 INC. and ST BARBARA, up 14.3% and 9.6% respectively. The bottom performing stocks in this index were SKYCITY ENTERTAINMENT and ORORA, down 6.5% and 5.9% respectively. Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.1% followed by materials (up 1.2%) and utilities (up 1.1%), while telecommunication was the worst performing sector, down 0.6%, followed by financial (down 0.2%). Energy stocks surged after oil prices rebounded from a two-day decline. Woodside Energy and Santos strengthened 3.4% and 3.1%, respectively. Mining stocks as iron ore prices in China climbed. Rio Tinto, Fortescue Metals, and BHP Group rose 2.4% to 3.7%. Tech shares were higher on tracking gain in their US peers. Xero and Computershare firmed 1.5% and 0.8%, respectively. Among individual shares, Vulcan Energy Resources jumped as much as 11.4%, after signing a deal with the renewable energy arm of Italian electricity producer Enel SpA. Magellan Financial (MFG) shares shed 3.0% after release of funds-under-management (FUM) update, outlining a 5.7% decrease in its total FUM over May (13.7% over the quarter) to $61.3 billion. This comprised of a monthly 5.6% drop in its institutional FUM to $39.1 billion and a monthly 5.9% fall in its retail FUM to $22.2 billion. Gold miner St Barbara (SBM) has climbed 9.6% on the back of a well-received quarterly update. In the update, SBM said that it met its guidance after posting a 40% quarterly increase in its gold production, and a 24% quarterly increase in its cash balance to $98 million. CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.847. The Australian dollar was at $0.6807.Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.