Australia Market ends 0.3% up

September 22,2021

The Australian share market finished higher for second straight session on Wednesday, 22 September 2021, as tensions ease over embattled Evergrande after Chinese property developer said it will make a bond interest payment the following day. However, market gains capped on caution ahead of the outcome of the U.S. Federal Reserve's policy meeting.

At closing bell, the benchmark S&P/ASX200 advanced 23.12 points, or 0.32%, to 7,296.94. The broader All Ordinaries added 30.67 points, or 0.41%, to 7,593.78.

Total 6 of 11 sectors ended higher along with the S&P/ASX 200 Index. Energy was the best performing sector, gaining +2.25%, followed by materials (up 2%) and realty (up 0.9%). Financial was the worst performing sector, falling 0.62%.

The top performing stocks in this index were SIMS and WORLEY, up 6.1% and 5.6% respectively. The bottom performing stocks in this index were PREMIER INVESTMENTS and LINK ADMINISTRATION HOLDINGS, down 4.5% and 3.4% respectively.

Shares of materials rebounded on bargain hunting after recent selloff inline with decline in iron ore prices. Major iron ore miners Fortescue Metals (FMG), BHP and Rio Tinto (RIO) all closed stronger on Wednesday.

Major insurers came under pressure on Wednesday following Melbourne's earthquakes. IAG fell by 3% while Queensland based Suncorp (SUN) slipped by a less aggressive 2%

CURRENCY NEWS: The Australian dollar changed hands at $0.7254, against an earlier low of $0.7221.

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