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Australia stock market finished session slightly higher on Monday, 25 September 2023, on the back of bargain hunting on recently oversold stocks, with technology companies leading the gains. However, market gains capped on caution ahead of inflation data due on Wednesday At closing bell, the benchmark S&P/ASX200 index was up 7.69 points, or 0.11%, to 7,076.53. The broader All Ordinaries index added 8.52 points, or 0.12%, to 7,278.55. Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. Information Technology was the best performing sector, gaining +1.92%, followed by telecommunication services (up 1.2%), A-REIT (up 0.9%), and Utilities (up 0.9%) sectors. Material was the bottom performing sector, falling 0.73%. Shares of information technology firms advanced with Xero (up 2%) and Altium (up 1.5%) closing higher. Shares of communication services, consumer staples, and consumer discretionary companies were also stronger. Carsales.com (up 1.6%), JB Hi-Fi (up 1.6%) and Seek (up 1.6%) stepped up. Shares of Financials companies declined as all four big banks and Macquarie (down 1.3%) traded lower. CBA slipped 0.2%, NAB lost 0.1%, ANZ dropped 0.2% and Westpac fell 0.1%. Shares in Qantas fell 1.9% after it said it would spend another $80 million in customer improvement initiatives and flagged a $200 million hit from increasing fuel costs. Powered by Capital Market - Live News
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