Australia: Market surges to five-month high

11 Nov 2022 , 02:06 PM

Australia stock market finished session at five-month high on Friday, 11 November 2022, joining a global rally, amid bottom fishing across the board on tracking an overnight surge on Wall Street on spurring hopes that the Federal Reserve might scale down the size of its future interest rate increases after cooler-than-expected U.S. inflation data in October. At closing bell, the benchmark S&P/ASX200 index was up 193.94 points, or 2.78%, to 7,157.95, a highest in five months. The broader All Ordinaries index advanced 204.41 points, or 2.86%, to 7,350.10. Total 10 of 11 sectors ended down, with information technology (up 5%) sector was outperformed, followed by property trusts 9up 4.1%), materials (up 3.7%), healthcare (up 3.6%), and consumer discretionary (up 3.5%), while utilities (down 0.5%) sector was worst performer. The top performing stocks in S&P/ASX200 index were MEGAPORT and PINNACLE INVESTMENT MANAGEMENT GROUP, up 13.6% and 12.5% respectively. The bottom performing stocks in S&P/ASX200 index were Whitehaven Coal and Origin Energy, down 3.5% and 3.1% respectively. Overnight on Wall Street, U.S. stocks jumped as consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months, the strongest signs yet that inflation was slowing. Back to home, materials stocks advanced as iron ore prices jumped after China stressed the need to minimise COVID-19s impact on the economy, raising hopes for a more targeted approach to contain outbreaks. BHP Group, Rio Tinto and Fortescue Metals Group climbed between 3.8% and 5.8%. Tech stocks advanced on tracking US peers rally, with the ASX-listed shares of Block Inc jumping 11.5%. Financials soared 2.1%, with the big four banks gaining between 1.1% and 2%. Among individual companies, Nine Entertainment shares advanced 4% after the media company secured a deal with Tennis Australia to broadcast The Australian Open and other local tournaments until 2029. Resonance Health shares rose 8% after medical device maker announced it secured two new services contracts for its liver-iron concentration measuring devices, Ferriscan and Cardiac T2, for use in two separate clinical trials. Ramsay Health Care jumped 5.8% after the countrys largest private hospital operator issued optimistic outlook for 2023 and 2024 fiscal years.Powered by Capital Market – Live News