AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlight Summary:
- ASX 200 Performance: The Australian sharemarket extended its year-end rally, with the ASX 200 rising 0.5% to 8,261, marking gains in nine of its 11 sectors.
- Biggest Stock Movers: Clarity Pharmaceuticals, Zip, and Mesoblast saw notable stock price increases, driven by positive recommendations and news.
- Market Overview: Despite a subdued trading environment and a tech selloff in the US, the Australian market remains focused on upcoming economic data and a short trading week ahead.
The Australian sharemarket has continued its strong end-of-year rally, with the benchmark ASX 200 climbing by 0.5%, closing at 8,261. The positive performance stands in contrast to the overnight selloff seen in the US tech sector, which had a subdued impact on the Australian market. Volumes remained low, typical for the holiday season, but the market still managed to post gains in nine of its 11 sectors.
Market Movers and Key Stocks
Clarity Pharmaceuticals (ASX:CU6) emerged as one of the biggest gainers, seeing a 5.75% increase in its share price. The rise followed a recommendation from Bell Potter, which placed a price target of $3 on the stock, suggesting a positive outlook for the diagnostic imaging company. Similarly, Zip (ASX:Z1P), the buy-now-pay-later platform, saw a 4.81% gain, positioning it as one of the best performers on the ASX for the year. The company has nearly quadrupled in value since the beginning of 2024, reflecting investor optimism in the sector.
Another significant mover was Mesoblast (ASX:MSB), which surged by 10.5%. The biotech company continued to benefit from positive momentum after receiving FDA approval for its Ryoncil treatment the previous week. This approval has positioned Mesoblast for potential growth, particularly in the medical sector, further strengthening investor sentiment.
Other Notable Developments
Paladin Energy (ASX:PDN) saw a modest rise of 1.72%, continuing to benefit from its dual listing on the Toronto Stock Exchange (TSX), while WiseTech Global (ASX:WTC) experienced a decline of 1.59%. The drop in WiseTech's stock came after co-founder Richard White sold nearly $450 million worth of stock leading up to Christmas, which raised concerns about insider selling. Meanwhile, Netflix (NASDAQ:NFLX) experienced a slight drop of 0.86%, though its foray into sports streaming seems to be paying off with record viewership numbers for its Christmas Day NFL broadcasts.
Economic Outlook and What’s Ahead
Looking ahead, the ASX will experience a short trading week. The market will close early at 2:10 PM on Tuesday for New Year’s Eve and will remain closed on Wednesday for New Year’s Day. In the background, investors will be keeping an eye on a series of upcoming Australian and US economic data releases, including reports on construction and manufacturing activity as well as property prices. These figures could provide further insight into the health of the global economy and influence market sentiment as the new year begins.
With volumes expected to remain subdued in the coming days, traders will likely focus on the data that will shape market trends in the first quarter of 2025. As the holiday season winds down, the outlook for the Australian market remains cautiously optimistic, bolstered by strong performance in several sectors and key stocks.
