Australian Sharemarket Surges as Real Estate and Mining Shine

November 25, 2024 02:05 PM AEDT | By Team Kalkine Media

Google News:

Australian Sharemarket Surges as Real Estate and Mining Shine — Image source: shutterstock

Recent News

ALS Limited Expands Market Presence with New Securities Quotation on A...

QuickFee (ASX:QFE) Expands ASX Presence with New Share Quotation

Sprintex (ASX:SIX) Advances European Clean-Tech Push as Dutch Subsidy...

ASX Dips as Tech Stocks Falter, Resource Gains Offer Support

Highlights

Australian sharemarket nears all-time high driven by broad gains.

Financial stocks face setbacks despite overall market rally.

Real estate and mining sectors lead Monday's performance.

The Australian sharemarket soared on Monday, with the S&P/ASX 200 Index climbing 0.7% to 8449.6 by early afternoon, edging closer to the record-breaking 8500-point milestone. The index reached an intraday high of 8462.1 and has risen nearly 3% this month, buoyed by market optimism. Broad sectoral gains supported the rally, though financials underperformed.

Sector Highlights

Real estate emerged as the top-performing sector, with Mirvac Group (ASX:MGR) leading the charge with a 4.3% rise. Mining stocks also recorded gains, reflecting a strong showing from Rio Tinto (ASX:RIO), which increased by 1%, and Fortescue Metals Group (ASX:FMG), which advanced 2.4%. Energy stocks benefited from stable oil prices amidst geopolitical tensions, with Woodside Energy (ASX:WDS) up 1.5% and Paladin Energy (ASX:PDN) climbing 2.7%. However, Santos (ASX:STO) and coal mining stocks lagged, with Santos slipping 0.4%.

Conversely, financials weighed on the broader index. The big four banks faced declines, with National Australia Bank (ASX:NAB) and Australia and New Zealand Banking Group (ASX:ANZ) both dropping 1%, while Westpac Banking Corporation (ASX:WBC) fell 0.4%, and Commonwealth Bank of Australia (ASX:CBA) edged lower by 0.3%.

Stocks in Focus

Air New Zealand (ASX:AIZ) rose 1.5% after projecting positive earnings for the first half, overcoming challenges in 2024, including aircraft delivery delays and weak corporate travel demand.

SG Fleet Group (ASX:SGF) surged 20% following a takeover bid from Pacific Equity Partners, valuing the company at $3.50 per share.

Synlait Milk (ASX:SM1) dropped 5.4% despite revising its milk price forecast upward for the 2024/2025 season.

Battery material supplier Novonix (ASX:NVX) soared 28% after announcing an offtake agreement with PowerCo, signaling increased demand in the battery sector.

Online retail broker Selfwealth (ASX:SWF) gained 6% as Bell Financial raised its takeover bid by 3 cents, bringing the offer to 25 cents per share.

The day's rally highlights the dynamic nature of the Australian sharemarket, with sectors like real estate and mining driving growth, while financials and select energy stocks face challenges.

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 Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 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 displayed/music 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 wherever it was indicated as or found to be necessary.