Australian Sharemarket Hits New High as Novonix and SG Fleet Soar

November 24, 2024 11:09 PM PST | By Team Kalkine Media
 Australian Sharemarket Hits New High as Novonix and SG Fleet Soar
Image source: Shutterstock

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.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.


Sponsored Articles


Investing Ideas

Previous Next