Australia stocks higher at close of trade; S&P/ASX 200 up 0.50%

Australia stocks higher

S&P/ASX 200 is trading up 0.50% at 7377.90

Australia stocks were higher after the close on Wednesday, as gains in the IT, Financials and Utilities sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 gained 0.50% to hit a new 1-month high.

The best performers of the session on the S&P/ASX 200 were Pointsbet Holdings Ltd (ASX:PBH), which rose 8.27% or 0.31 points to trade at 4.06 at the close. Meanwhile, Zip Co Ltd (ASX:Z1P) added 7.52% or 0.12 points to end at 1.65 and Kogan.com Ltd (ASX:KGN) was up 7.30% or 0.39 points to 5.73 in late trade.

The worst performers of the session were Austal Ltd (ASX:ASB), which fell 11.25% or 0.22 points to trade at 1.77 at the close. Fisher & Paykel Healthcare Ltd (ASX:FPH) declined 7.88% or 2.03 points to end at 23.73 and Mesoblast Ltd (ASX:MSB) was down 5.96% or 0.07 points to 1.11.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 862 to 572 and 393 ended unchanged.

Shares in Fisher & Paykel Healthcare Ltd (ASX:FPH) fell to 52-week lows; losing 7.88% or 2.03 to 23.73.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 7.85% to 14.61 a new 1-month low.

On technical fronts S&P/ASX 200 RSI stood at 73.01 and currently it is trading above all MA. So, BUY position can be taken with following target and stoploss:

TRADE SIGNAL – : S&P/ASX 200 – BUY: 7361.00, TARGET: 7397.00, STOP LOSS : 7338.00

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