Australian stocks rebound on bargain hunting

The Australian stock market ended its session higher on Wednesday, February 23, 2022, as investors searched for bargains following Western nations’ sanctions on Moscow, with mining and healthcare stocks being notable gainers.

At the close, the benchmark S&P/ASX200 index rose 44.41 points, or 0.62%, to 7,205.69. The broader All Ordinaries index gained 51.70 points, or 0.7%, to 7,473.87.

The best performing stocks in this index were HUB24 and PALADIN ENERGY, up 9.85% and 9.09% respectively. The worst performing stocks in this index were DOMINO PIZZA and COSTA GROUP HOLDINGS, down 14% and 8.6% respectively.

Health care stocks were the main boosts in the benchmark, with sector heavyweights Cochlear and CSL gaining 5.1% and 0.7% respectively.

Mining stocks followed suit, with BHP Group climbing 0.6% while Rio Tinto gained 1.2%.

In company news, Woolworths (WOW) added 1.4% after posting an 8% increase in revenue. WiseTech Global (WTC) gained 4.2% after posting an 18% rise in revenue and a 74% rise in statutory profit.

ECONOMIC NEWS: Construction work in Australia increased by 2.9% in the fourth quarter – Construction work in Australia increased by a seasonally adjusted 2.9% in the fourth quarter of 2021, the Australian Bureau of Statistics announced on Wednesday , reaching 53.463 billion Australian dollars and following the contraction of 0.3% in the previous three months.

Construction work performed fell 1.3% in the quarter to A$30.398 billion, while engineering work performed increased 0.7% in the quarter to A$23.065 billion Australians. Residential construction work rose 1.3% in the quarter and residential construction work fell 2.9%.

CURRENCY NEWS: The US Dollar Index, which tracks the greenback against a basket of its peers, was at 96.05 after recently falling above 96.2. The Australian dollar was at $0.7234 after falling below $0.72 yesterday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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