Australia Market gains on upbeat manufacturing PMI data

24 Mar 2022 , 04:54 PM

The Australian share market finished session slightly higher on Thursday, 24 March 2022, after recouping earlier losses and cementing its sixth win in seven trading days. The rally in the local bourses supported by survey reports showing the manufacturing sector in the country expanded at a faster pace in March.

At closing bell, the benchmark S&P/ASX200 advanced by 36.77 points, or 0.5%, to 7,377.87. The broader All Ordinaries index grew 44.29 points, or 0.58%, to 7,664.96.

Miners and energy stocks topped the gainers list, as commodity prices soared amid increasing uncertainty around global supplies. Rio Tinto and BHP Group gained 2.1% and 1.8%, respectively, while Fortescue Metals Group fell 0.3%. Woodside Petroleum and Santos added 2.8% and 1.5%, respectively.

Growth stocks and banks underperformed after two Fed officials commented on the likelihood of a 50 basis point rate hike at the next policy meeting, with Australia and New Zealand Banking Group and Macquarie Group losing 0.6% and 1.7%, respectively. National Australia Bank announced an additional A$2.5 billion (S$2.54 billion) on market share buy-back, sending its shares 0.2% higher.

ECONOMIC NEWS: The manufacturing sector in Australia continued to expand in March, and at a faster pace, the latest survey from S&P Global showed on Thursday with a manufacturing PMI score of 57.3. Thats up from 57.0 in February and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

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