Australia Market rises for fourth straight day

25 Nov 2022 , 02:26 PM

Australia stock market finished session with a fourth straight day of gains on Friday, 25 November 2022, as buying spur by hopes the Federal Reserve will tone down its monetary tightening campaign. However, market gains capped amid fears about the spike in Covid cases in China. At closing bell, the benchmark S&P/ASX200 index was up 17.73 points, or 0.24%, to 7,259.48. The broader All Ordinaries index added 15.41 points, or 0.21%, to 7,447.65. The top performing stocks in S&P/ASX200 index were NANOSONICS and RAMELIUS RESOURCES, up 11.06% and 6.94% respectively. The bottom performing stocks in S&P/ASX200 index were ALLKEM and PILBARA MINERAALS, down 8.6% and 6.7% respectively. Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Utilities was the best performing sector, gaining 1.4%. Meanwhile, A-REIT (up 1.2%) and Consumer Discretionary (up 1.2%) issues were also notable gainers. Materials sector was worst performer, erasing 1.06%, followed by energy which down by 0.3%. This weeks ASX 200 movement was a clear reflection of optimism, stemming from a little softer hawkish position in U.S. Federal Reserves minutes and some fears stemming from a rise in COVID-19 cases in China. Consumer stocks remained buoyant throughout the day, as shopping centres across the country welcomed hundreds of thousands of customers for the official launch of the Black Friday sales event in Australia. Materials and energy stocks declined even as iron ore futures extended rally on Beijings fresh support measures for the property sector. BHP Group, Rio Tinto and Fortescue Metals Group fell between 0.8% and 0.9%, while energy major Woodside Energy fell 0.7%. CURRENCY NEWS: The Australian dollar surged against the US overnight and was trading at 67.7 US cents in late afternoon trading on Friday.Powered by Capital Market – Live News