AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Australian sharemarket saw broad gains with most sectors ending higher.
- Consumer discretionary stocks led the rally, supported by Harvey Norman and Web Travel.
- Key economic data and company updates influenced market sentiment.
The Australian sharemarket closed higher on Wednesday, supported by a strong rally across most sectors. The benchmark S&P/ASX 200 Index rose by 0.6 percent, ending the session at 8406.7 points. Gains were broad-based, with ten out of eleven sectors posting increases. The All Ordinaries mirrored the rise, highlighting strong investor sentiment following Wall Street’s record-breaking performance overnight.
US markets saw the S&P 500 touch a new high, driven by easing geopolitical tensions as a ceasefire agreement was reached between Israel and Hezbollah. Oil prices also remained stable, trading just below $US73 a barrel, adding to global market optimism.
Locally, consumer discretionary stocks were the best-performing sector, climbing significantly. Harvey Norman (ASX:HVN) gained 2.3 percent to $4.90 after its executive chairman, Gerry Harvey, reassured shareholders that the company maintained its market share despite competitive pressures from JB Hi-Fi.
Web Travel (ASX:WEB) delivered an impressive performance, jumping 13.5 percent to $4.80. The company reported an underlying half-year net profit of $52.5 million, showcasing its resilience after spinning off its consumer businesses. It emerged as the best-performing stock on the S&P/ASX 200 for the day.
The financial sector also contributed to the market’s strength. Commonwealth Bank (ASX:CBA) rose by 2 percent to $157.57, while Westpac (ASX:WBC) added 0.6 percent to $33.13. National Australia Bank (ASX:NAB) edged higher to $39.19, and ANZ (ASX:ANZ) saw modest gains, ending at $39.19.
Investors closely monitored Australia’s monthly inflation data, which remained steady at 2.1 percent for October. Across the Tasman, New Zealand’s central bank surprised markets with a sharp half-point cut in its cash rate to 4.25 percent, signaling policy adjustments amid evolving economic conditions.
Among smaller stocks, City Chic Collective (ASX:CCX) suffered a steep decline, plunging 26.7 percent to 9 cents after issuing a subdued trading update during its annual general meeting. CEO Phil Ryan noted that the company’s financial performance remained at the lower end of its FY25 targets.
Conversely, HMC Capital (ASX:HMC) climbed 1.5 percent to $12.45, buoyed by a positive earnings outlook. The fund manager forecast pre-tax operating earnings to rise significantly in the coming fiscal year.
Lynas Rare Earths (ASX:LYC) inched up 0.7 percent to $6.87, despite cautioning shareholders about ongoing market volatility and its dependency on economic stability in China.
