Australian Sharemarket Hits New High as Novonix and SG Fleet Soar

November 24, 2024 11:09 PM PST | By Team Kalkine Media

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Australian Sharemarket Hits New High as Novonix and SG Fleet Soar — Image source: Shutterstock

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Highlights

The ASX achieved a record high as real estate and energy sectors gained.

Notable performances came from SG Fleet and Novonix.

Financial stocks saw mixed outcomes amidst regulatory updates.

The Australian sharemarket reset its all-time high on Monday, with the S&P/ASX 200 Index closing at 8417.60, adding 0.3%, or 23.8 points. This marks the second consecutive session of record-breaking performance, supported by gains in real estate and energy stocks. The index is now close to the 8500-point milestone, reflecting strong momentum in November.

Real Estate Leads Gains

Among sectors, real estate stood out as the best performer. Mirvac (ASX:MGR) rose by 3.3% to $2.11, while Vicinity Centres (ASX:VCX) added 2.3% to close at $2.19. Goodman Group (ASX:GMG) also saw a 1.5% increase, finishing at $37.81.

Energy Sector Rises Amid Global Tensions

The energy sector gained as oil prices held steady due to escalating tensions in the Ukraine-Russia conflict. Woodside (ASX:WDS) advanced 1.2% to $25.36. However, coal miners struggled, and mining stocks traded mixed despite stronger iron ore prices. Rio Tinto (ASX:RIO) edged lower by 0.4% to $116.71, while Fortescue Metals (ASX:FMG) climbed 0.4% to $18.38.

Financials Weigh on Performance

Financial stocks faced pressure following APRA’s decision to maintain strict mortgage serviceability buffers, citing high household debt and economic pressures. National Australia Bank (ASX:NAB) and Westpac (ASX:WBC) both dipped 1.2%, closing at $39.61 and $33.41, respectively. Commonwealth Bank (ASX:CBA) defied the trend, gaining 0.7% to a record $160.14.

Stocks in Focus

SG Fleet Group (ASX:SGF) surged 18% to $3.16 after receiving a $3.50 takeover offer from Pacific Equity Partners. Novonix (ASX:NVX) jumped 30% to 96.5¢ after signing an offtake agreement with PowerCo.

Conversely, Bendigo and Adelaide Bank (ASX:BEN) dropped 1.7% to $13.37 as profit-takers moved in. Synlait Milk (ASX:SM1) also fell 4.1% to 35.5¢ despite raising its milk price forecast for the 2024/2025 season.

Newly listed Cuscal (ASX:CSL) ended its first trading session down 7.6% at $2.31, falling below its IPO price of $2.50.

The day underscored the market's resilience, with certain sectors and stocks showcasing strong performances amidst a dynamic landscape.

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