Australia Market gains on commodities strength

Australia stock market finished session modestly higher on Monday, 05 September 2022, on the back of strength in materials and resources and energy stocks amid stronger oil and metal prices. However, market gains capped ahead of the central bank's rate decision amid growing inflationary pressures.

At closing bell, the benchmark S&P/ASX200 index was up 23.51 points, or 0.34%, to 6,852.22. The broader All Ordinaries index added 18.19 points, or 0.26%, to 7,074.50.

Material and resources stocks advanced on the back of stronger iron ore and base metal prices. Heavyweights BHP Group and Rio Tinto gained 3.2% and 1.8%, respectively.

Shares of energy companies advanced after crude oil prices strengthened on possible moves by OPEC+ producers to cut output and support prices at a meeting later in the day, with Woodside Energy and Santos rising 2.6% and 2.3%. Coal miners Whitehaven Coal and New Hope Corporation firmed 6.5% and 5.7% respectively.

Heavyweight banking stocks were lower, with so-called "big four" banks falling between 0.2% and 0.7%.

Powered by Capital Market - Live News