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Australia Market gains on mining boost
03-Jun-22   18:35 Hrs IST
Australian share market finished session higher on Friday, 03 June 2022, on tracking an overnight surge in their U.S. counterparts which gained amid receding fears over the Fed aggressive monetary stance. Adding to positive mood was strong iron ore price.

At closing bell, the benchmark S&P/ASX200 added 62.82 points, or 0.88%, to 7,238.75. The broader All Ordinaries index increased by 71.69 points, or 0.97%, to 7,472.44.

Total nine of 11 sectors ended lower along with the S&P/ASX 200 Index, with information technology, healthcare, telecommunication services, and financials issues suffered the largest%age losses. Energy was the best performing sector, gaining +3.06%.

The top performing stocks in this index were CHAMPION IRON and PILBARA MINERALS, up 8.14% and 7.46% respectively. The bottom performing stocks in this index were HEALIUS and DOMINOS PIZZA, down 8.65% and 3.7% respectively.

Shares of mining and technology advanced, with BHP and Rio Tinto up 2.5% and 2.7%, respectively, on strong iron ore price. Lithium miners also extended gains, with Pilbara Minerals, Liontown Resources, and IGO Ltd rising 4%-7.5%. In the tech sector, Block shares surged 4.5% and Xero added 1%.

CURRENCY NEWS: The Australian dollar was at $0.7252 after a recent jump from below $0.721.

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