Australia Market rises 0.6% on mining, energy boost

7 Nov 2022 , 01:23 PM

Australia stock market finished higher for straight second session on Monday, 07 November 2022, on following the broadly positive cues from global markets on Friday, with shares in mining and energy led rally on strong commodity prices while losses in financials capped upside move. At closing bell, the benchmark S&P/ASX200 index was up 41.25 points, or 0.6%, to 6,933.71. The broader All Ordinaries index added 39.89 points, or 0.56%, to 7,129.21. The top performing stocks in S&P/ASX200 index were CAPRICORN METALS and EVOLUTION MINING, up 10% and 7% respectively. The bottom performing stocks in S&P/ASX200 index were CORONADO GLOBAL and WISETECH GLOBAL, down 7.1% and 5.8% respectively. US stocks saw significant volatility during trading on Friday before eventually ending the session sharply higher, with a mixed US jobs data report last week raising investor hopes the Federal Reserve could adopt a less aggressive tightening path going forward. The Dow jumped 401.97 points or 1.3% to 32,403.22, the Nasdaq surged 132.31 points or 1.3% to 10,475.25 and the S&P 500 shot up 50.66 points or 1.4% to 3,770.55. Going forward, investors will be cautious ahead of closely-eyed U.S. consumer price data which is due later this week Shares of materials companies advanced as iron ore prices climbed on hopes of China reopening from stringent Covid-19 curbs persist. Mining heavyweights BHP Group, Fortescue Metals Group and Rio Tinto all rose between 2% and 5%. Coronado Global Resources fell after it ended talks with Peabody Energy Corp for a potential merger. Energy stocks gained as crude oil prices climbed higher amid easing concerns about the outlook for energy demand. Santos and Woodside Energy gained 0.5% and 2%, respectively. Financials bucked the trend, with Westpac Banking Corp down nearly 4% after it reported lower annual profit. Australia and New Zealand Banking Group also lost more than 3%, trading ex-dividend. Powered by Capital Market – Live News