S&P/ASX 200 Up 0.23%, Australia’s Stocks Higher After 18 November Close

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Australian stocks were higher after the close on 19 November, thanks to gains in the Industrial, Telecoms and utility sectors. These gains led to a 0.23% increase in the S&P/ASX200 indices.

Nuix Ltd was among the best performers on that day’s session, rising 21.93% or 0.13 points to trade. Another good performer was Oz Minerals Ltd, adding 3.95% or 1.04 points. NIB Holdings was also up 3.19% or 0.22 points. In this session, the worst performers were Zip Co Ltd, falling 4.94%, EML Payments, declining 4.85% and Washington H Soul Pattinson&Co Ltd, dropping 3.88%.

Other stocks also saw an increase during this session. Gold futures for December delivery was up 0.27% or 4.75 to $1,767.75 a troy ounce. Crude oil for December delivery also went up 0.37% or 0.30, hitting the $81.94 per barrel price, and the January Brent oil was up 0.06% or 0.05 at $89.83 per barrel. 

UBS Australia predicts that the ASX 200 will be slightly higher at the end of 2023 than it is now. UBS Australia’s equity strategist Richard Schellbach notes that factors causing lower share prices in 2022 may ease up towards the end of the year.

Shellback notes, “Even as the economy decelerates to a sub-trend pace of growth through 2023, we believe that an easing of many of the headwinds that have buffeted stocks through 2022, input/energy costs, supply chain, labour shortages, can allow the S&P/ASX200 index to end 2023 at 7250.”

The strategist also adds that history can repeat itself, referring to the GDP growth in 1995 after the shocking interest rate increases from the RBA the previous year. He also expects that the ASX 200 will rebound following a forecasted low in the February 2023 reporting season.

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