Australia stock market finished session modestly higher on Monday, 04 December 2023, following a rally on Wall Street last Friday, with shares materials & resources consumer discretionary, and IT companies leading rally.
At closing bell, the benchmark S&P/ASX200 index was up by 51.48 points, or 0.73%, to 7,124.65. The broader All Ordinaries index advanced by 50.95 points, or 0.7%, to 7,336.08.
Materials stocks climbed up, with gold players Evolution (up 2.5%), Newmont (up 2.9%) and Northern Star (up 3.7%) all advancing on the back of a 1.8% surge in gold prices. Iron ore heavyweights BHP (up 1.7%) and Rio Tinto (up 1.6%) were also stronger.
Shares of consumer discretionary sector also gained. IDP Education (up 1.5%) and Aristocrat Leisure (up 1.2%) advanced along with Wesfarmers, which rose 1%.
ECONOMIC NEWS: Australia Company Gross Operating Profits Sink 1.3% In Q3- Company gross operating profits were down a seasonally adjusted 1.3% on quarter in the third quarter of 2023, the Australian Bureau of Statistics said on Monday. Business inventories were up 1.2% on quarter, exceeding expectations for a fall of 0.6% following the 1.9% drop in Q2. Wages and salaries rose 2.7% on quarter and 9.7% on year.
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