Home Stock Market Australian stocks close higher as investors buy resource shares

Australian stocks close higher as investors buy resource shares

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The Australian stock market closed higher on Wednesday, with gains in the Energy, Resources and Materials sectors leading shares higher.

The S&P/ASX 200 index rose 0.38% to close at 7,146.10 points. The index was up as much as 0.6% during the session.

The Energy sector was the best-performing sector, rising 1.9%. The Resources sector rose 1.4%, and the Materials sector rose 1.2%.

The Consumer Discretionary sector was the worst-performing sector, falling 0.3%. The Financials sector fell 0.2%, and the Industrials sector fell 0.1%.

The top-performing stock on the S&P/ASX 200 was EML Payments Ltd (ASX:EML), which rose 11.59% to 0.77. The company provides payment processing services.

The second-best performing stock was Megaport Ltd (ASX:MP1), which rose 5.45% to 9.48. The company provides cloud networking services.

The third-best performing stock was Incitec Pivot Ltd (ASX:IPL), which rose 5.42% to 2.92. The company provides industrial chemicals and fertilizers.

The worst-performing stock on the S&P/ASX 200 was Nuix Ltd (ASX:NXL), which fell 3.11% to 0.78. The company provides software and services for eDiscovery and information governance.

The second-worst performing stock was Westgold Resources Ltd (ASX:WGX), which declined 2.96% to 1.64. The company explores for and mines gold and silver.

The third-worst performing stock was Pilbara Minerals Ltd (ASX:PLS), which was down 2.19% to 4.92. The company produces and sells lithium carbonate.

The volume of shares traded on the ASX was 3.2 billion, down from 3.3 billion on Tuesday.

The price of gold was up 0.13% to $1,939.65 an ounce. The price of crude oil was up 0.03% to $74.85 a barrel. The Australian dollar was unchanged against the US dollar at $0.67.

Analysts’ Take

Analysts said that the gains in the Australian market were driven by positive sentiment on the global economy. They said that investors were also buying shares in resource companies as commodity prices rose.

“The Australian market is benefiting from the positive sentiment on the global economy,” said Michael McCarthy, chief strategist at CMC Markets. “Investors are also buying shares in resource companies as commodity prices rise.”

Looking Ahead

Analysts said that the Australian market is expected to continue to trade higher in the near term. They said that the market is supported by strong economic growth and rising commodity prices.

“The Australian market is expected to continue to trade higher in the near term,” said McCarthy. “The market is supported by strong economic growth and rising commodity prices.”

Here are some additional thoughts on the market’s performance:

  • The gains in the Energy, Resources and Materials sectors were driven by rising commodity prices. Oil prices rose to their highest level in two months, while gold prices hit a two-week high.
  • The gains in the Consumer Discretionary sector were led by retailers, as investors bet on strong consumer spending in the coming months.
  • The declines in the Financials sector were due to profit-taking after the sector had strong gains in recent weeks.

**Overall, the Australian market’s performance on Wednesday was positive. The gains were driven by strong economic growth and rising commodity prices. Investors are also optimistic about the outlook for the Australian economy, which is expected to grow by 3.5%

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Evie

Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

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