Australia Market rebounds on bargain buying; miners, energy lead

Australia share market finished higher for the first time in three consecutive sessions on Wednesday, 24 August 2022, thanks to bargain buying on recently battered stocks, with shares in the energy and mining sectors being notable gains.

However, market gains were limited as investors took to the sidelines to brace for a U.S. Federal Reserve-hosted economic symposium starting Thursday.

At closing bell, the benchmark S&P/ASX200 index rose by 36.32 points, or 0.52%, to 6,998.12. The broader All Ordinaries index added 43.13 points, or 0.6%, to 7,242.34.

Shares of materials and resources advanced after China's iron ore prices rose on prospects of strong demand ahead of peak construction season. BHP Group and Fortescue Metals Group added 1.1% and 0.4%, respectively.

 

Financials too joined the broader rally, with all of the so-called "Big Four" banks trading in positive territory.

Energy stocks advanced, with Santos and Woodside Energy Group gaining 2.1% and 3.4%, respectively.

AUB Group surged 5.5% and software solutions provider WiseTech Global soared 12.8% after reporting encouraging annual results.

Supermarket group Coles lost 4.6% after it flagged higher costs for the 2023 fiscal year.

CURRENCY NEWS: The Australian dollar weakened, after it sharply rose overnight on a softer dollar. The Aussie was trading at $0.6910, following a jump above $0.6950.

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