Australian Shares Finish 1.1% Higher Following Oil's 13% Dip

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Australian Shares Finish 1.1% Higher Following Oil's 13% Dip
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 77.80 points or 1.1% to 7,130.80 during Thursday’s trade as oil prices plunged and risk sentiment returned to the markets as investors bet that OPEC+ would boost supply to help fill the gap in output from Russia after the heavy sanctions were imposed for its invasion of Ukraine.

The Technology sector posted the largest gains, lifting 3.29% as Block Inc (ASX: SQ2 ) rallied 7.11%, Brainchip Holdings Ltd (ASX: BRN ) gained 4.27%, Computershare Ltd. (ASX: CPU ) lifted 3.74%, Iress Ltd (ASX: IRE ) gained 3.83% and Nextdc Ltd (ASX: NXT ) lifted 1.19%.

Financials added 2.83% overall, with Macquarie Group Ltd (ASX: MQG ) up 3.94%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) adding 2.71%, National Australia Bank Ltd (ASX: NAB ) up 3.49%, Westpac Banking Corp (ASX: WBC ) adding 3.14% and Commonwealth Bank Of Australia (ASX: CBA ) lifting 2.39%.

Consumer Discretionary gained 2.85% overall, with Wesfarmers Ltd (ASX: WES ) up 2.5%, JB Hi-Fi Ltd (ASX: JBH ) adding 2.8%, Domino's Pizza Enterprises Ltd (ASX: DMP ) lifting 3.49% and Tabcorp Holdings Ltd (ASX: TAH ) up 2.6%.

Energy was down 2.48% as Woodside Petroleum Ltd (ASX: WPL ) fell 4.67%, Santos Ltd (ASX: STO ) dipped 2.44% and Beach Energy Ltd (ASX: BPT ) shed 5.9%.

Materials also lost 1.75% as Rio Tinto Ltd (ASX: RIO ) dipped 7.73%, BHP Billiton Ltd (ASX: BHP ) lost 1.53% and Fortescue Metals Group Ltd (ASX: FMG ) dipped 3.35%.

On the bond markets, Australia 10-Year yields were at 2.361% while United States 10-Year rates were at 1.943%.

In New Zealand, the NZX 50 added 1.2% to 11,926.26.

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