ASX Gains as Broad Rally Fuels Market Momentum

November 27, 2024 11:44 AM AEDT | By Team Kalkine Media

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ASX Gains as Broad Rally Fuels Market Momentum — Image source: shutterstock

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Highlights

ASX opens higher, driven by Wall Street's rally and geopolitical updates.

Financials sector leads gains with strong performances by major banks.

Web Travel shines with a 12% surge after profit announcement.

Australian shares kicked off trading on a positive note, buoyed by a broad rally across sectors following Wall Street's strong performance. The benchmark S&P/ASX 200 Index climbed 0.5%, or 42.1 points, reaching 8401.5 early in the session. A cease-fire agreement between Israel and Hezbollah supported the optimistic sentiment, while oil futures settled lower ahead of the announcement.

The financials sector emerged as a key driver of gains. Commonwealth Bank (ASX:CBA) led the charge with a 1.3% rise, followed by Westpac (ASX:WBC), up 1.1%, National Australia Bank (ASX:NAB), firming 1%, and ANZ (ASX:ANZ), which advanced 0.9%. This upward movement mirrored Wall Street, where the S&P 500 reached its 52nd record high this year, increasing 0.6%. The Dow Jones Industrial Average added 0.3%, while the Nasdaq also rose 0.6% despite a subdued update from Dell after market hours.

Investors are turning their attention to upcoming domestic economic indicators. Australia's monthly inflation data, scheduled for release at 11:30 am AEDT, is expected to provide insight into price trends. Meanwhile, the Reserve Bank of New Zealand is set to announce its latest policy decision, with market expectations pointing to a significant rate adjustment.

Web Travel (ASX:WEB) stole the spotlight with a sharp 12% increase, driven by its robust underlying net profit of $52.5 million for the six months ending September. This comes just weeks after its rebranding from WebJet and the separation of its consumer-focused divisions. Web Travel’s strong performance made it the best-performing stock on the ASX 200.

Lynas (ASX:LYC) edged up 1.1%, even as it addressed the uncertainty surrounding rare earth prices. At its AGM, the miner stated that stabilization in the market would depend on the recovery of the Chinese economy.

HMC Capital (ASX:HMC) saw a 2.9% rise following its upbeat trading update. The company revealed that its pre-tax operating earnings could climb to 70¢ per share, reflecting an impressive 89% growth compared to its previous financial year.

Bitcoin faced renewed pressure, falling below $92,000 after traders locked in profits, delaying the anticipated push toward $100,000.

With optimism sweeping global markets, the ASX continues to reflect broad-based resilience, supported by strong performances from key sectors and companies.

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