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As on : 17-Dec-2024

Market Commentary - Foreign Markets
17-Dec-2024 15:23

Australian markets rise notably after five-day losing streak

Australian markets rose notably to snap a five-day losing streak. The benchmark S&P/ASX 200 jumped 0.78 percent to 8,314, with financials leading the surge. The broader All Ordinaries index climbed 0.76 percent to 8,558.60.

Commonwealth Bank of Australia, ANZ and Westpac rose between 0.7 percent and 1.6 percent. Lower oil prices weighed on the energy sector, with Woodside Energy falling 1 percent and Santos losing 0.6 percent. Karoon Energy plummeted 9.7 percent after trimming its production guidance.

Investors shrugged off the results of a private survey that showed Australian consumer sentiment fell in December.

Australia's consumer confidence weakened at the end of the year with renewed concerns about the economic outlook, survey data from Westpac showed on Tuesday.

The Westpac-Melbourne Institute consumer confidence index fell to 92.8 in December from 94.6 in November.

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