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Aust shares hit two-week high, with CBA at record level

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작성자 Fallon
댓글 0건 조회 51회 작성일 24-06-26 17:32

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The Australian share market has hit a two-week high following a strong read from Wall Street, where both the S&P500 and the Nasdaq composite hit records highs. At noon AEST on Thursday, the benchmark S&P/ASX200 was up 62.6 points, or 0.81 per cent, to 7,831.6, while the broader All Ordinaries was up 60.9 points, or 0.76 per cent, to 8,083.4. In the US, the Nasdaq gained 2.0 per cent and the S&P500 added 1.2 per cent after weaker-than-expected monthly jobs figures from private payroll processor ADP, as well as a stronger-than-expected print from the Institute for Supply Management's service-sector business report.

photo-1500462918059-b1a0cb512f1d?ixlib=rb-4.0.3Capital.com analyst Kyle Rodda called the readouts "as close to a Goldilocks print as you can get in this environment", simultaneously increasing hopes of a US interest rate cut by November while easing fears of a marked slowdown in economic activity. The market's implied odds of a US rate cut by mid-September grew to roughly 2 in 3 following the readout, up from 50-50 a week ago, according to the CME FedWatch Tool. The Bank of Canada overnight became the first major central bank to cut rates, with the European Central Bank also expected to do so at its meeting on Thursday.

Every sector of the ASX was in the green at midday, with healthcare and 1121 slot financials the biggest gainers, up 1.1 per cent. All of the Big Four banks were higher, with CBA shares trading above $125 for the first time. At midday they were up 1.4 per cent to $125.19, and had been as high as $125.97. As for the other three, ANZ had added 1.0 per cent, Westpac climbed 0.8 per cent and NAB advanced 0.4 per cent. There were some big losses as well. Skycity Entertainment Group had plunged 15.0 per cent to $1.365 after the Kiwi casino company lowered guidance, saying it expected to make a full-year net profit of about $NZ122.5 million, down from its previous estimate of around $NZ130 million.

Skycity blamed a challenging economic environment impacting consumer spending, delays to its Horizon Hotel project in Auckland, and a potential increase in Adelaide casino duty expense following a court ruling on loyalty points. IDP Education was down 4.4 per cent to a nearly four-year low of $15 after the overseas student placement company said new visa restrictions in Australia, the UK and Canada would reduce student volumes by 20 to 25 per cent in 2024/25.

On the flip side, Coronado Global Resources was the biggest gainer in the ASX200, up 5.8 per cent to $1.2275 as the coking coal producer held its annual general meeting. Goldminers were rebounding as the precious metal rose $US12.

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