Australia Market rebounds on upbeat offshore cues

Australia stock market finished session higher on Friday, 27 January 2023, recouping the losses in the previous session, lifted by tracking a solid rally on Wall Street overnight, following the release of upbeat U.S. economic data, including stronger than expected GDP growth data.

At closing bell, the benchmark S&P/ASX200 index was up 25.54 points, or 0.34%, to 7,493.83. The broader All Ordinaries index added 21.53 points, or 0.28%, to 7,709.54.

Total 8 of 11 sectors ended higher along with the S&P/ASX 200 Index. Consumer Staples was the best performing sector, gaining 1.23%, followed by information Technology (up 1.32%), A-REIT (up 1.13%), and financials (up 1%) while energy was worst performing sector, erasing 1.84%.

The top performing stocks in S&P/ASX200 index were MEGAPORT and LIONTOWN RESOURCES, up 7.22% and 5.19% respectively. The bottom performing stocks in S&P/ASX200 index were NEW HOPE CORP and WHITEHAVEN COAL, down 9.03% and 6.64% respectively.

Shares of information technology companies advanced, with Afterpay owner Block gaining more than 1%, Appen adding almost 1%, Xero advancing almost 2%, WiseTech Global surging almost 5% and Zip up almost 4%.

Shares of energy companies declined, with Yancoal (down 9.5%), New Hope Corporation (down 9%) and Whitehaven Coal (down 6.6%) led the decliners

Shares of big four banks all up with ANZ Banking, National Australia Bank and Westpac gaining almost 1% each, while Commonwealth Bank was up 0.5%.

ECONOMIC NEWS: Australia Export Prices Fall 0.9% In Q4- Export prices in Australia were down 0.9% on quarter and 20.5% on year in the fourth quarter of 2022, the Australian Bureau of Statistics said on Friday. The main contributors to the fall were coal, coke and briquettes (-7.8%), metalliferous ores and metal scrap (-0.9%), petroleum and petroleum products (-7.5%) and meat and meat preparations (-3%). The main offsetting contributors were cereals and cereal preparations (+8.1%), crude fertilizers and crude minerals (+11.6%) and gold, non-monetary (+4.3%). Import prices rose 1.8% on quarter and 14.9% on year, fueled by gains from electrical machinery apparatus and appliances (+3.9%), telecommunications equipment (+4.3%) and general industrial machinery (+4.1%).

Australia Final Demand Producer Prices Rise 0.7% In Q4- Final demand producer prices in Australia were up 0.7% on quarter in the fourth quarter of 2022, the Australian Bureau of Statistics said on Friday. The main contributors to growth were output of building construction (+1.6%), heavy and civil engineering construction (+1.5%) and computer and electronic equipment manufacturing (+4.2%). Offsetting the rise were price falls in petroleum refining and petroleum fuel manufacturing (-10.0%), other agriculture (-7.4%) and electricity supply; gas supply; and water supply, sewerage and drainage services (-2.6%). On a yearly basis, producer prices rose 5.8% - again missing forecasts for 6.3% and down from 6.4% in the previous three months.

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