Australia Market surges to 3-weeks high

Australian share market finished session at a three-week high on Wednesday, 20 July 2022, on tracking strong gains on the Wall Street's overnight amid better-than-expected corporate earnings and the expected resumption of Russian gas flows to Europe.

At closing bell, the benchmark S&P/ASX200 advanced 109.61 points, or 1.65%, to 6,759.21. The broader All Ordinaries index added 122.24 points, or 1.78%, to 6,975.22.

The top performing stocks in this index were MEGAPORT and ZIP CO, up 23% and 12.7% respectively. The bottom performing stocks in this index were NIB HOLDINGS and PENDAL GROUP, down 3.2% and 2% respectively.

Shares of mining companies advanced, supported by strong metal prices, with the BHP Group, Rio Tinto and Fortescue Metals Group rising between 1.4% and 5.2%. Prices of iron ore rebounded after a Chinese official hinted at government stimulus to boost economic growth.

Banks also added to gains, with Commonwealth Bank of Australia, National Australia Bank and Westpac rising between 0.8% and 1.1%, after Australia's central bank governor, Philip Lowe, reiterated his view that further interest rate hikes would be necessary to keep inflation in check.

CURRENCY NEWS: The Australian dollar was at $0.6919, strengthening from earlier this week.

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