Australian Shares Lift 0.6%, Real Estate Leads Gains

  • Stock Market News
Australian Shares Lift 0.6%, Real Estate Leads Gains
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 added 36 points or 0.6% to 6,544.5 after the first hour of Thursday’s deals, retracing losses of 0.2% in the previous session as gains in real estate and technology companies outpaced losses in energy and materials .

ASX 200 Futures were pointing 0.4% higher.

Among stocks, Mirvac Group (ASX: MGR ) lifted 1%, Charter Hall Group (ASX: CHC ) gained 2.2%, Goodman Group (ASX: GMG ) added 3.3% and Stockland Corporation Ltd (ASX: SGP ) lifted 1.6%.

Tech players advanced, as Block Inc (ASX: SQ2 ) gained 3.8%, Appen Ltd (ASX: APX ) lifted 2.9%, Megaport Ltd (ASX: MP1 ) added 1.8% and Wisetech Global Ltd (ASX: WTC ) gained 1.8%.

Meantime, falling crude oil prices pushed energy companies lower, with Woodside Energy Ltd (ASX: WDS ) down 3%, Santos Ltd (ASX: STO ) falling 2.1% and Beach Energy Ltd (ASX: BPT ) down 1.8%.

Lower iron ore and copper prices weighed on the mining giants, with Rio Tinto Ltd (ASX: RIO ) down 2.7%, BHP Billiton Ltd (ASX: BHP ) falling 2.9%, Fortescue Metals Group Ltd (ASX: FMG ) losing 3.5% and Champion Iron Ltd (ASX: CIA ) down 6%.

On the data front, Australia’s preliminary manufacturing PMI print was in line with market expectations while the services PMI was slightly below expectations but remaining in expansionary territory. S&P noted that “inflationary pressures remained severe and among the highest on record. Overall business confidence remained positive, but eased to the lowest in over two years.”

On the bond markets, Australia 10-Year rates were at 3.826% while United States 10-Year yields were at 3.141%.

In New Zealand, the NZX 50 added 0.8% to 10,758.6.

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