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Closing Bell 23 November

Sophia Mavridis
November 23, 2022

Australian stocks rose from a second day, following a rebound in the US and European equity markets.

The ASX200 gained 0.7%, boosted by utilities, industrials and energy. All sectors, except technology and real estate, were trading in positive territory.

Today Qantas Airways (ASX:QAN) upgraded guidance amid strong travel demand, which saw its share price close 5.3% higher. Qantas lifted its profit forecast for the December half as rampant consumer demand continues to buoy the sector’s COVID-19 recovery, despite capacity restraints and inflated fuel costs. The airline is expecting to book between $1.35 billion and $1.45 billion in underlying profit before tax in the first half of its financial year. That’s up $150 million from a previous guidance given in October. Meanwhile, net debt is expected to fall more than previously predicted.

Technology stocks were mixed today, with WiseTech Global (ASX:WTC) falling 6.7% and was the worst performing stock on the ASX200, while BrainChip Holdings (ASX:BRN) gained 7% today, and was the best performing stock of the session.

The most traded stocks by Bell Direct clients today were Smartgroup Corporation (ASX:SIQ), New Hope Corporation (ASX:NHC), National Australia Bank (ASX:NAB) and BPH Energy (ASX:BPH).

The Australian dollar is buying US$0.66, 55.95 British Pence, 93.85 Japanese Yen and NZ$1.08.

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