Australia Market extends gains on lenders boost

Australian share market finished choppy session higher on Thursday, 21 July 2022, on the back of strength in banking stocks partially offset by weakness among energy stocks. At closing bell, the benchmark S&P/ASX200 advanced 35.07 points, or 0.52%, to 6,794.28. The broader All Ordinaries index added 43.18 points, or 0.62%, to 7,018.40.

Shares of financials were top gainers on the benchmark, with Australia and New Zealand Banking leading the pack upon resuming trade after announcing its A$4.9 billion buy of Suncorp's banking arm earlier in the week. ANZ rose 2.2%, while Commonwealth Bank of Australia and Westpac Banking Corp rose 1.7% and 1.5% respectively.

 

Energy stocks declined after disappointing forecasts from Woodside Energy and Santos. Woodside Energy shares declined 4.4% after top Australian oil and gas producer downgraded its production outlook for the year while flagging delays to a project inherited from BHP's petroleum assets. Santos shares dropped 1.9% after the company lowered the top end of its production and sales guidance for the year, after reporting a jump in quarterly revenue.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 106.863, weaker than last week's levels. The Australian dollar was at $0.6884, slightly lower than earlier in the week.

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