Australia Market extends gain on US inflation data

Australia stock market finished session higher on Friday, 13 January 2023, extending gains for the third consecutive session and notching fresh 5-week highs, on reinforcing hopes of less aggressive interest rate hikes from the Federal Reserve in the coming months after data showing U.S. consumer prices inflation cooled in December. Most of ASX sectors advanced, with shares in energy, consumer discretionary, and industrials being notable gainers.

At closing bell, the benchmark S&P/ASX200 index advanced 47.71 points, or 0.66%, to 7,328.10. The broader All Ordinaries index was up 50.24 points, or 0.67%, to 7,540.10.

Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining 1.55%, followed by consumer discretionary (up 1.43%), financials (up 1.08%), and industrials (up 0.91%).

The top performing stocks in S&P/ASX200 index were BLACKMORES LIMITED and NEW HOPE CORPORATION LIMITED, up 6.24% and 5.07% respectively. The bottom performing stocks in S&P/ASX200 index were IMUGENE and LAKE RESOURCES, down 5.88% and 4.62% respectively.

Shares of energy sector advanced, with New Hope Corporation and Whitehaven Coal being the heavy-lifters, up 5.2 and 2.1% each. Petrol company Ampol and oil and gas miner Santos added 3.6 and 3.4% on the back of 3.2% increase in brent oil prices.

ECONOMIC NEWS: Australia value of loans for owner-occupied housing fell a seasonally adjusted 3.8% on month in November, the Australian Bureau of Statistics said on Friday - coming in at A$16.43 billion. On a yearly basis, owner-occupied housing loans dropped 24.8%, investment lending lost 23.2% and overall loans slipped 24.3%.

CURRENCY NEWS: The Australian dollar was stood at 0.6946 against greenback on Friday, appreciated by 0.37% from previous trading day closure at 0.6972 after trading in the range of 0.6945-0.6984.

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