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Home Investing in Stocks Australian Stocks Edge Higher Amid Gains in IT and Industrials

Australian Stocks Edge Higher Amid Gains in IT and Industrials

by Barbara

Australian stocks saw a modest increase on Thursday, driven by strong performances in the Information Technology, Industrials, and A-REITs sectors. The S&P/ASX 200 index closed up by 0.21% in Sydney.

Among the session’s top performers were Pointsbet Holdings Ltd (ASX: PBH), which surged 14.00% to close at AUD 0.57. Appen Ltd (ASX: APX) also posted significant gains, climbing 13.85% to finish at AUD 1.32, while Codan Ltd (ASX: CDA) advanced 10.44%, ending the day at AUD 14.28.

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On the downside, Megaport Ltd (ASX: MP1) was the worst performer, plummeting 20.78% to AUD 9.34. Insignia Financial Ltd (ASX: IFL) dropped 15.70% to close at AUD 2.47, and Collins Foods Ltd (ASX: CKF) fell 12.70% to AUD 7.70, hitting a 52-week low.

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Market breadth was slightly positive, with 582 stocks advancing and 552 declining on the Sydney Stock Exchange, while 428 remained unchanged.

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In other market developments, Pointsbet Holdings Ltd (ASX: PBH) and Codan Ltd (ASX: CDA) both reached 52-week highs, while Collins Foods Ltd (ASX: CKF) hit a 52-week low.

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The S&P/ASX 200 VIX, an index measuring the implied volatility of options, decreased by 1.59% to 11.92, indicating a slight reduction in market uncertainty.

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In the commodities market, December Gold Futures dipped 0.03% to USD 2,546.75 per troy ounce. Crude oil for October delivery fell 0.22% to USD 71.77 per barrel, while Brent oil for October slipped 0.07% to USD 76.00 per barrel.

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Currency markets were relatively stable, with the AUD/USD holding steady at 0.67, and the AUD/JPY edging down 0.07% to 97.95. Meanwhile, the US Dollar Index Futures rose 0.13% to 101.04.

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