$69 postpage LB

Australian Shares End At 11-Year High

  • April 26, 2019 11:53 PM AEST
  • Team Kalkine
Australian Shares End At 11-Year High

Australian shares closed at more than 11-year high today as the benchmark index gave its best weekly performance since December 2007 after clearing out the predictions that the shares will end lower due to worries over the state of global growth.

Gold MTF non-AMP

The S&P/ASX 200 Index closed at 6385.60, higher by 0.1% or 3.50 points; weekly gain of 2 per cent. The biggest gainers were the gold stocks that rose 2.2% after ending a four-day long losing streak. With the disappointing Australia’s inflation data, investors’ interest got reignited into the safe-haven metal.

The top 5 S&P/ASX 200 performers were Saracen Mineral Holdings Limited (ASX: SAR), Nanosonics Limited (ASX: NAN), Nearmap (ASX: NEA), IPH Limited (ASX: IPH) and Unibail-Rodamco-Westfield (ASX: URW).

Investors returned optimistic after a long Easter weekend as the sound US earnings elevated the Wall Street to a record high and high oil prices uplifted the local market in the initial two days of trading.

The push in share market was also due to the rise in expectations over Reserve Bank of Australia cutting interest rates in May due to discouraging headline inflation. The major banks gave a favourable response to the news resulting in a lift in their share price.

The shares of the Westpac Banking Corporation (ASX: WBC) rose by 3.4 per cent to $27.74, National Australia Bank (ASX: NAB) advanced 1.6 per cent to $25.67, Commonwealth Bank of Australia (ASX: CBA) increased 2.8 per cent to $75.45, and Australia and New Zealand Banking Corp (ASX: ANZ) closed 2.3 per cent higher at $27.40.

Investors’ interest turned towards the healthcare and technology stocks this week post rate cut anticipation.

Healthcare Stocks Growth Value Technology Stocks Growth Value
CSL 3.4% $196.98 Wisetech Global 6.8% $22.73
Sonic Healthcare 5.5% $25.75 Appen 5.2% $24.98
ResMed 7.1% $14.57 Afterpay Touch 4.4% $23.82
Mayne Pharma 5.3% 69.5¢ Altium 4.9% $33.89
Xero 5.1% $53.95

Bellamy's Australia (ASX: BAL) shares advanced 16.8 per cent higher at $10.99 after the company got an approval for a new Bellamy's branded formulation-series to be manufactured at the ViPlus Dairy facility in Toora, Victoria from China's market regulator.

REIT and Infrastructure stocks ended up higher this week. Transurban Group (ASX: TCL) shares rose by 4.1 per cent to $13.73 while the shares of Goodman Group (ASX:GMG) advanced 7 per cent to $13.60.

The shares of Wealth manager IOOF Holdings Ltd (ASX: IFL) reduced by 2.6 % after the notices issued to its three units from pension regulator over non-compliance with the licence conditions.

Some of the sectors also demonstrated a fall in share prices including the Communication Services Sector by 0.24%, Consumer Discretionary by 0.67%, Energy by 1.49% and Materials by 0.72%.

Energy stocks witnessed a decline as the oil price fell due to the expectation of OPEC soon raising output to offset the decline in exports from Iran.

The biggest losers in the sector were Whitehaven Coal (ASX: WHC) that fell by 3.2% and WorleyParsons (ASX: WOR) that reduced by 4.5%.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK