Australian Economy

Australia Market ends higher | Business Standard News

Australian share market finished session modestly higher on Monday, 16 May 2022, thanks to gains in banks and tech stocks which helped to offset losses in miners.

At closing bell, the benchmark S&P/ASX200 advanced 17.92 points, or 0.25%, to 7,093.03. The broader All Ordinaries index added 18.56 points, or 0.25%, to 7,326.24.

Shares of tech players advanced on following a firmer finish by U.

S. counterparts, with Xero and Computershare rising 4.5% and 1%, respectively.

Financial stocks were also higher, with country’s “Big Four” banks rose between 0.8% and 1.5%, on prospect of improving net interest income due to an aggressive outlook for monetary policy tightening.

Shares of mining companies declined after shockingly weak economic data from China underlined the deep damage lockdowns were doing to the world’s biggest metals consumer. Sector behemoths Rio Tinto and BHP Group ended more than 1% lower.

Shares of Brambles soared after receiving an unsolicited takeover offer from European private-equity giant CVC Capital.

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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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