At closing bell, the benchmark S&P/ASX200 index advanced 41.73 points, or 0.59%, to 7,151.33. The broader All Ordinaries index gained 47.06 points, or 0.65%, to 7,355.81.
Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +1.41%, followed by A-REIT (up 1.1%), materials (up 1%), and consumer staples (up 1%). Information technology was the worst performing sector, falling 0.6%.
The top performing stocks in S&P/ASX200 index were PALADIN ENERGY and NICKEL INDUSTRIES, up 9.56% and 6.67% respectively. The bottom performing stocks in S&P/ASX200 index were TALEX PHARMACEUTICAL and COMPUTERSHARE, down 7.16% and 5.53% respectively.
Market commenced with firm footing as investor sentiment improved on news of a slowdown in US wage growth, which eased investor worries on the US Federal Reserve's stance on monetary policy. China's reopening of the international borders after a three-year blockage bolstered optimism in Asia.
Materials stocks rose, with uranium miner Paladin Energy led the lifters, up 9.6%, along with Nickel Industries, which gained 6.7%. Fortescue shed 0.8% despite a 2.4% increase in iron ore prices, after its long-serving chief financial officer, Ian Wells, resigned.
Energy stocks were up, led by Whitehaven Coal (up 0.6%) and New Hope Corporation (up 3.2%) on the back of positive news that China would ease their trade restrictions on coal.
Panoramic Resources shares closed 5% higher after the miner reported an 18% quarter-on-quarter increase in ore mined to 178,239 tonnes for the December 2022 quarter.
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ECONOMIC NEWS: Australia Building Permits Fall 9% In November-Australia total number of building permits in November was down a seasonally adjusted 9 percent on month in November, the Australian Bureau of Statistics said on Monday - coming in at 13,898, following the 6 percent contraction in October. This was the third straight month of decline in building permits and the steepest pace in the sequence. Approvals for private sector dwellings excluding houses permits tumbled 22.7% to 4,423 units, following an 11.7% decrease in October; while private sector houses permits fell 2.5% to 9,142 units, after a 1.1% drop in October.
CURRENCY NEWS: The Australian dollar was stood at 0.6925 against greenback on Monday, up by 0.7% from previous trading day closure at 0.6875 after trading in the range of 0.6876-0.6948.
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