Market Commentary - Foreign Markets
Australia Market climbs on positive offshore leads As on : 27-May-24  14:30

Australia stock market finished session higher on Monday, 27 May 2023, as investors took heart from gains in Wall Street last Friday, with shares in A-REIT, consumer discretionary, industrials, telecom, and financial sectors being notable gainers.

At closing bell, the benchmark S&P/ASX200 index was up 60.71 points, or 0.79%, to 7,788.31. The broader All Ordinaries index inclined 59.41 points, or 0.74%, to 8,058.37.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.64%. Energy was worst performing sector, falling 0.23%.

The top performing stocks in S&P/ASX200 index were NEUREN PHARMACEUTICALS and LENDLEASE GROUP, up 15.74% and 7.98% respectively. The bottom performing stocks in S&P/ASX200 index were AUDINATE GROUP and NICKEL INDUSTRIES, down 6.44% and 603% respectively.

Shares of Real estate investment trusts (REITs) sector surged, led by Lendlease (up almost 8%) after the company told the ASX it would make a strategic shift away from its overseas construction markets and refocus on its Australian businesses. Meanwhile, large-caps Goodman Group (up 2.3%), Stockland (up 1.8%) and Scentre Group (up 1.3%) all made ground.

Telecommunication shares were major drag on the Market, amid a continuation of falling commodities prices. Brent Crude Oil futures dropped 2.2% last week. Shares in oil and gas heavyweight Woodside Energy retreated 0.8%%.

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