Australia Stocks rebounds on bargain hunting

17 Nov 2022 , 02:23 PM

Australia stock market finished session higher on Thursday, 17 November 2022, snapping three days losing streak, as investors chased for bottom fishing on recently battered stocks. Meanwhile better-than-expected unemployment rate in Australia also boosted up sentiments toward riskier assets. At closing bell, the benchmark S&P/ASX200 index was up 13.41 points, or 0.2%, to 7,135.65. The broader All Ordinaries index added 11.60 points, or 0.16%, to 7,338.99. Total 9 of 11 sectors ended higher along with the rise in the S&P/ASX 200 Index, with consumer staples sector outperformed with 1.9% gains, followed by consumer discretionary, and information technology issues. Bucking the trend, energy (down 2.06%) sector was worst performer, followed by materials (down 1.2%) sector. The top performing stocks in S&P/ASX200 index were PENDAL GROUP and WEBJET, up 10.54% and 10.14% respectively. The bottom performing stocks in S&P/ASX200 index were PERPETUAL and NEW HOPE CORP, down 12.6% and 6.5% respectively. Shares of financials were up as better-than-expected jobs data made a case for more interest rate hikes, with so-called ?big four? banks – National Australia Bank, Commonwealth Bank, ANZ Banking and Westpac gained. ECONOMIC NEWS: The unemployment rate in Australia came in at a seasonally adjusted 3.4% in October, down from 3.5% in September, the Australian Bureau of Statistics said on Thursday. The Australian economy added 32,200 jobs last month, following the addition of 900 jobs in the previous month.Powered by Capital Market – Live News