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.