Daily Market Update

The local market was spurred on by a smaller than expected cash rate increased by the Reserve Bank of Australia. The 25 basis point increase once again proved that what the market ‘prices in’ isn’t always correct, quite the opposite. As early as this morning the National Australia Bank (ASX:NAB) suggested that there was a real risk of…

The local market followed a strong overseas lead to post another 1.2 per cent gain on Monday, spurred higher by a rally in the technology and discretionary sectors, which added 2.6 and 2.7 per cent respectively. The strength was broad based with only the energy sector contracting, as smaller and mid-cap companies took centre stage…

The local market finished the week on a negative tone, falling 0.9 per cent as the country’s largest iron ore miners were hit by further falls in the price of the commodity. The entire sector fell 4 per cent driven loan by a 9.2 per cent fall in Champion Iron (ASX:CIA), an 8.2 per cent drop…

The local sharemarket advanced for a fourth straight day on Thursday, with a strong performance by the energy and mining sectors outweighing losses by three of the big four banks. The benchmark S&P/ASX200 index closed up 34.2 points, or 0.5 per cent, to 6845.1, with the broader All Ordinaries rising 37.2 points, also 0.5 per cent, to 7042.3. Driving Thursday’s…

The local share market managed a small gain on Wednesday despite the latest inflation reading surprising on the upside, raising the possibility that the Reserve Bank of Australia (RBA) could become more aggressive on rate hikes. The benchmark S&P/ASX200 index finished Wednesday up 12.3 points to 6810.9, a gain of 0.2 per cent, while the broader All Ordinaries index climbed 11.4 points,…

The Australian share market crept higher on Tuesday ahead of the second Budget statement of the year, with the benchmark S&P/ASX 200 Index adding 19.2 points, or 0.3 per cent, to 6798.6, while the broader All Ordinaries rose 15.3 points, or 0.2 per cent, to 6993.7. Every sector was up except for energy and mining, in which investors were busy assessing…

The miners led the local market higher on Monday, with the S&P/ASX 200 Index advancing 1.5 per cent, or 102.6 points, to 6779.4, while the broader All Ordinaries gauge ended up 108.5 points, or 1.6 per cent, to 6978.4. Gold stocks were prominent in the rise, after the yellow metal’s 1.8 per cent gain to $US1,658 an ounce in New…

A sustained rally in the energy sector, which finished 2 per cent higher on Friday, wasn’t enough to reverse broader losses with the S&P/ASX200 ultimately finishing 0.8 per cent lower. The utilities and real estate sectors were the hardest hit, falling 2.3 and 1.8 per cent on growing concerns about the regulatory environment for the…

Thursday saw a retreat from the benchmark S&P/ASX 200 Index, which dropped 69.4 points, or 1 per cent, to 6370.7 points, while the broader All Ordinaries Index surrendered 81.1 points, or 1.2 per cent, to 6,918.7. The bond market sell-off extended as benchmark risk-free US 10-year bond yields added 2 basis points to 4.15 per…

The Australian share market backed-up its Tuesday effort with a solid performance on Wednesday, with the benchmark S&P/ASX200 index gaining 20.9 points, or 0.3 per cent, to 6,800.1, while the 500-stock All Ordinaries index added 23.6 points, or 0.3 per cent, to 6,999.8. Among the big miners, Rio Tinto eased 26 cents, or 0.3 per cent, to $94.01; South32 slipped 8 cents,…

A strong lead-in from Wall Street gave solid impetus to the Australian market on Tuesday, and the result was a lift of 114.8 points, or 1.7 per cent, in the benchmark S&P/ASX 200 Index, to 6779.2; while the broader S&P/ASX All Ordinaries index added 121.9 points, or 1.8 per cent, to 6976.2. Resources led the rise,…

An ugly 2.4 per cent slide in the S&P 500 index on Wall Street at the weekend was never going to give the Australian market a boost as it opened the week, and so it proved, with the benchmark S&P/ASX200 index closing down 94.4 points, or 1.4 per cent, to 6664.4 on Monday, and the…