Australia Market extends gain

Australian share market finished session at two-week high on Tuesday, 28 June 2022, on the back of strength in materials and energy stocks amid commodity demand optimism. At closing bell, the benchmark S&P/ASX200 advanced 57.69 points, or 0.86%, to 6,763.64. The broader All Ordinaries index added 59.86 points, or 0.87%, to 6,953.45.

The top performing stocks in this index were COLLINS FOODS and POLYNOVO, up 11.5% and 7.3% respectively. The worst performing stocks in the index were IMUGENE and TYRO PAYMENTS, down 10.4% and 9.8%, respectively.

Energy stocks rallied after crude prices jumped nearly 1% in Asian trading. Origin Energy, Santos and Woodside Energy jumped 2-3%.

 

Shares of materials and resources gained on expectations that China's decision to ease some COVID-19 restrictions and the country's pledge to support its economy would boost iron ore demand. BHP, Rio Tinto and Fortescue Metals Group rose 2-3%

In economic news, the weekly ANZ-Roy Morgan consumer confidence index improved by 3.7 per cent - the biggest lift in 14 months - to 84.7 points. This is the 16th consecutive week the index is below the 100-point neutral mark, indicating that the number of pessimists outweigh optimists.

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