Australia stock market finished the session modestly higher on Monday, 29 May 2023, with investors cheered by improved global cues due to a weekend debt ceiling deal in the U.S. to avert a damaging default.

In the US, congressional Republican McCarthy and Biden agreed on Saturday to avert an economically destabilising default by suspending the $31.4 trillion debt ceiling until 2025.

At closing bell, the benchmark S&P/ASX200 index was up 62.62 points, or 0.88%, to 7,217.37. The broader All Ordinaries index added 60.60 points, or 0.83%, to 7,395.13.

Total 9 of 11 sectors ended higher along with the S&P/ASX 200 Index. A-REIT was the best performing sector, gaining +1.96% , followed by financial (up 1.22%), materials (up 1.1%), and healthcare (up 0.91%) sectors.

The top performing stocks in the S&P/ASX 200 Index were BRAINCHIP HOLDINGS and CHARTER HALL SOCIAL INFRASTRUCTURE REIT, up 4.65% and 4.50% respectively. The bottom performing stocks in S&P/ASX200 index were IDP EDUCATION and TELIX PHARMACEUTICAL, down 15.9% and 6.08% respectively.

Shares of realty and financial sectors were biggest percentage gainers on the index, with Goodman Group (up 1.8%), Scentre (up 2.6%) and Mirvac (up 2.2%) all advancing. Meanwhile, big four banks gained between 1.2 percent and 1.4 percent. AMP jumped 1.9 percent after announcing executive changes.

Shares of materials companies were up on the back of the iron ore price, which climbed above $US100 ($153) a tonne. Fortescue (up 1.2%), BHP (up 1.4%) and Rio Tinto (up 1.2%) all closed in green. Lithium companies also advanced, with Pilbara Minerals (up 0.6%), Liontown (up 1.5%) and Allkem (up 1.4%) all gaining. Lynas Rare Earths (up 3.8%) also ended higher.

Consumer discretionary stocks were lower, as IDP Education (down 15.9%) dragged down the sector following Canada's decision to accept expedited study permit applications from one of IDP's competitors.

CURRENCY NEWS: The Australian dollar stood at 0.6541 against greenback, up 0.31% from previous trading day closure at 0.6522 after trading between range of 0.6520-0.6554.

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