Market Commentary - Foreign Markets
Australia Market ends with firm note As on : 31-May-24  14:09

Australia stock market finished session higher on Friday, 31 May 2024, snapping three days selloff, as investors chased for bottom fishing on recently battered stocks after US data boosted US interest rate cut hopes, with banks, consume goods, mining, and energy stocks leading the surge.

However, market gains capped as investors awaited for inflation readings from Europe and the US that will likely dictate the path of interest rates globally. A downward revision to consumer spending meant the US economy grew more slowly than expected in the first quarter. The revised GDP data also stoked expectations that the Federal Reserve has scope to cut rates this year, with market pricing putting a September cut at a coin toss.

At closing bell, the benchmark S&P/ASX200 index was up 73.54 points, or 0.96%, to 7,701.74. The broader All Ordinaries index inclined 74.89 points, or 0.95%, to 7,970.78.

Total 10 of 11 sectors ended higher along with the S&P/ASX 200 Index. Consumer Staples was the best performing sector, gaining +1.91%, followed by energy (up 1.77%), industrials (up 1.33%), consumer discretionary (up 1.1%), healthcare (up 1.08%), and financial (up 1%) sectors.

The top performing stocks in S&P/ASX200 index were TELIX PHARMACEUTICALS and WEST AFRICAN RESOURCES, up 15.31% and 6.99% respectively. The bottom performing stocks in S&P/ASX200 index were MEGAPORT and THE STAR ENTERTAINMENT, down 3.42% and 2.17% respectively.

Among individual stocks, Telix Pharmaceuticals shares soared 15.3% after broker Wilsons issued a positive note on the business following its latest trial results for a cancer treatment.

BHP shares fell 0.5%, after the company revealed it had abandoned its $75 billion takeover bid for rival Anglo American.

Qantas shares rose 1.3% after the company said it had reached an agreement with Perth Airport in a long-running legal dispute, and it would not have a material impact on the airline?s underlying profit this financial year.

ECONOMIC NEWS: Australia Private Sector Credit Climbs 0.5% In April- Total credit to the private sector in Australia was up 0.5% on month in April, the Reserve Bank of Australia said on Friday - exceeding expectations for 0.4%, which would have been unchanged from the March reading following an upward revision from 0.3%. On a yearly basis, total credit jumped 5.2%. Housing credit rose 0.4% on month and 4.5% on year, while personal credit added 0.2% on month and 3.2% on year and business credit gained 0.6% on month and 6.8% on year. Broad money was up 0.4% on month and 5.1% on year.

Powered by Capital Market - Live News