Australia Market rebounds from two-month low

Australia stock market rebounded from a two-month low on Wednesday, 04 January 2023, driven by strong gains in the mining, financial and technology stocks partially offset by losses in energy stocks after oil prices slumped more than 4% overnight.

At closing bell, the benchmark S&P/ASX200 index surged 113.03 points, or 1.63%, to 7,059.22. The broader All Ordinaries index gained 117.96 points, or 1.65%, to 7,249.11.

Total 10 of 11 sectors ended higheralong with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +2.91%, followed by financials (up 2.23%), consumer discretionary (up 2.15%), and materials (up 1.89%). Energy was the worst performing sector, falling 1.3%.

The top performing stocks in S&P/ASX200 index were BRAINCHIP HOLDINGS and SAYONA MINING, up 11.41% and 10.53% respectively. The bottom performing stocks in S&P/ASX200 index were WOODSIDE PETROLEUM and VIVA ENERGY GROUP, down 2.4% and 1.87% respectively.

Shares of information technology was the top-performing sector on Wednesday, gaining 2.9%, with sector major Novonix up as much as 8.2% and BrainChip rising as much as 5%.

The financials stocks posted a solid session, with Commonwealth Bank, NAB and Westpac all traded higher.

Mining stocks rose despite weaker commodity prices. BHP Group, Rio Tinto and Fortescue Metals gained between 1.4% and 2.4%.

Energy stocks remained in the red after oil prices dropped to post their biggest fall in more than a month. Woodside Energy declined 2.4% and Santos shed 1.7%.

CURRENCY NEWS: The Australian dollar was stood at 0.6876 against greenback on Wednesday, up 2.1% from previous trading day closure at 0.6733, after trading in the range of 0.6717-0.6884.

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