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Highlights
- Australian sharemarket sees gains, driven by consumer discretionary and financial sectors.
- Webjet shares rally following profit announcement and structural changes.
- Inflation data holds steady locally; RBNZ lowers its cash rate in line with expectations.
The Australian sharemarket recorded midday gains, with the benchmark S&P/ASX 200 Index rising by 0.5 percent to reach 8399.6 points. This performance mirrored a strong rally on Wall Street, where the US S&P 500 closed at a record high.
Consumer Discretionary Sector Leads the Market
The consumer discretionary sector emerged as the top performer, advancing by 1 percent. A standout was WEB Travel Group (ASX:WEB), which surged by 12 percent following the announcement of an underlying net profit of $52.5 million for the six months ending September. This update came shortly after the company restructured, spinning off its consumer businesses into a separate entity. WEB Travel Group (ASX:WEB) topped the performance chart on the S&P/ASX 200.
Other notable contributors in the sector included Harvey Norman (ASX:HVN), which gained 2.3 percent, Lottery Corporation (ASX:TLC), which climbed 1.6 percent, and Aristocrat Leisure (ASX:ALL), up by 0.9 percent.
Financial Sector in the Green
The financial sector also made significant contributions, with Commonwealth Bank (ASX:CBA) rising by 1.1 percent. Broader optimism in the market was bolstered by inflation data that held steady at 2.1 percent annually in October, slightly below expectations.
Global Market Trends and RBNZ Decision
On the international front, the US S&P 500 marked its 52nd record high for the year, gaining 0.6 percent, while the Nasdaq also rose by the same margin. The Dow Jones added 0.3 percent, although sentiment was tempered by tech giant Dell’s post-close announcement of weaker-than-expected sales.
Closer to home, the Reserve Bank of New Zealand (RBNZ) lowered its cash rate by half a percentage point to 4.25 percent, aligning with market forecasts. This decision follows signs of steady inflationary trends in the region.
Other Market Highlights
Lynas Rare Earths (ASX:LYC) rose by 1.1 percent, despite its AGM emphasizing continued market volatility driven by the Chinese economy. Meanwhile, HMC Capital (ASX:HMC) saw a 2.7 percent uptick after revising its pre-tax operating earnings forecast to reflect an 89 percent increase from its previous record.
As markets digest these developments, key sectors continue to drive momentum, setting a strong tone for the Australian sharemarket.
