Business Standard

Australia Market extends gain


Australia stock market finished higher for second straight session on Tuesday, 23 April 2024, as buying encouraged by tracking overnight rallies on Wall Street, with stronger than expected domestic business activity data further supported the momentum.
At closing bell, the benchmark S&P/ASX200 index advanced by 34.35 points, or 0.45%, to 7,683.51. The broader All Ordinaries index added 35.92 points, or 0.45%, to 7,937.94.
Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.73%, while energy was the bottom performing sector, falling 0.8%.
The top performing stocks in S&P/ASX200 index were CLEANAWAY WASTE MANAGEMENT and ILUKA RESOURCES, up 15.77% and 5.27% respectively. The bottom performing stocks in S&P/ASX200 index were LIFESTYLE COMM and EMERALD RESOURCES down 13.54% and 6.63% respectively.
Shares of healthcare companies extended gains, with Pro Medicus shares climbing 3%. Ramsay Healthcare jumped 2.9% and market heavyweight biotech CSL 1.3%.
Information technology shares were also higher, with WiseTech gaining 2.7% and data centre operator NEXTDC 2.5%.
Shares of big-four banks ended higher, with the countrys biggest, CBA, gaining 1.5%. Shares in Westpac advanced 1% despite warning the market that its first-half profit would be $164 million lower because of items related to changes in the value of some of its hedging instruments.
Shares of gold miners slumped on continued slide in the price of bullion. Newmont Mining fell 4.6%, while Northern Star dipped 3.5% and Evolution Mining 1.5%.
Commodities-related companies also struggled, with coal miner Whitehaven Coal shares down 1.9% and Yancoal down 2.3%.
ECONOMIC NEWS: Australias private sector activity expansion accelerated at the start of the second quarter, supported primarily by service sector growth. Higher new business inflows underpinned rises in business activity and employment, while firms remained optimistic regarding future output. On prices, the rate at which output prices rose eased in April despite higher input cost inflation. The Judo Bank Flash Australia Composite PMI Output Index posted 53.6 in April, up from 53.3 in March. The latest reading signaled that private sector activity expanded for a third straight month and at the quickest pace since April 2022. While business activity growth was again limited to the service sector, the rate at which manufacturing output fell slowed to the least pronounced in eight months and was only marginal. This was supported by a slower reduction in goods new orders, while quicker inflows of services new business led to overall new orders rising at the fastest pace in nearly two years. The Judo Bank Flash Australia Services PMI Business Activity Index posted 54.2 in April, down from 54.4 in March. This marked a third successive monthly expansion, at a slower but still solid pace. The Judo Bank Flash Australia Manufacturing PMI rose to 49.9 in April, up from 47.3 in March. This indicated that manufacturing sector conditions near-stabilized at the start of the second quarter.
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First Published: Apr 23 2024 | 3:42 PM IST

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