Australia Market gains 0.37%

25 May 2022 , 04:47 PM

Australian share market finished session modest higher on Wednesday, 25 May 2022, on the back of gains in heavyweight mining and financial stocks. However, market gains were limited as investors refrained from making bold moves as they were awaiting the release later Wednesday of the minutes of the Federal Reserves policy meeting in May to gauge the future pace of monetary tightening in response to high inflation in the United States. At closing bell, the benchmark S&P/ASX200 added 26.41 points, or 0.37%, to 7,155.24. The broader All Ordinaries index 18.51 points, or 0.25%, to 7,391.68. Shares of gold miners were amongst the top performing stocks today with Perseus Mining (PRU) lifting by 4.5%, Evolution Mining (EVN) climbing by 3.5%, and Orica (ORI) finishing 3.5% higher. Shares of banks and financials were up, supported by a lift in US treasury yields and a hike in the New Zealand interest rate. The big four banks all climbed by at least 1%. Technology stocks declined after a 2.4% slide in the tech-heavy Nasdaq index dampened investor sentiment. Shares of Costa Group (CGC) climbed by 8.6% after it hosted its annual general meeting (AGM) today. In its AGM, CGC said that it expects its current calendar year earnings to increase by around $5 million, but its net profits to decrease by $6.4 million. It also expects its fertiliser, packaging and export shipping costs to remain elevated throughout CY22. CURRENCY NEWS: The Australian dollar was at $0.7086, off its earlier high of $0.7119. Powered by Capital Market – Live News