AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
_11_06_2024_01_28_29_346422.jpg)
Highlights '
- ASX up as all sectors see midday gains
- Consumer discretionary leads, with Wesfarmers and JB Hi-Fi rising
- Mining stocks rally alongside global iron ore prices
The Australian share market experienced a midday lift, buoyed by a strong lead from Wall Street, which saw tech giants drive significant gains. The S&P/ASX 200 Index rose by 0.8%, or 60.6 points, reaching 8192.4 with all sectors showing gains. The Australian dollar also advanced, trading at US66.36¢.
The consumer discretionary sector took the lead as the top-performing sector, rising by 1.2%. Wesfarmers (ASX:WES) gained 1.6%, while JB Hi-Fi (ASX:JBH) saw a rise of 2.2%. These companies benefited from renewed investor interest in consumer-focused stocks, reflecting positive market sentiment across the sector.
The commodities market, particularly iron ore, played a role in the positive performance of mining stocks on the ASX. Iron ore prices climbed by 2% overnight to $US105.95 per tonne, ahead of a crucial policy meeting in Beijing, where expectations are high for stimulus announcements aimed at economic support. The stronger iron ore price positively impacted major mining stocks, with Rio Tinto (ASX:RIO) advancing by over 1%, and BHP (ASX:BHP) rising 0.8% as investors reacted to the potential economic boost in China, a key trading partner for Australian resources.
Meanwhile, Wall Street’s overnight performance also contributed to ASX gains. The Nasdaq saw a 1.4% rise, largely fueled by Nvidia’s 3% surge. Nvidia’s rally lifted its market cap to $US3.43 trillion, surpassing Apple to become the world’s largest company. The stock market’s optimism was also driven by a 23% increase in Palantir Technologies, following reports of high demand for artificial intelligence technologies.
The Dow Jones and S&P 500 indices both closed higher, with the Dow up by 1% and the S&P 500 adding 1.2% as Americans participated in a closely watched presidential election. Predictions indicate a tight race, with some projections suggesting one of the narrowest electoral margins since 2000, although final results may take several days or even weeks to confirm.
Among other stocks making headlines, Goodman Group (ASX:GMG) updated its financial outlook, projecting a 9% growth in operating earnings per share for FY25 and announcing a full-year distribution of 30¢. Goodman’s shares saw a modest increase of 0.2% following this announcement. Additionally, Domain Holdings, Domino’s Pizza, Fortescue Metals, and IGO are expected to hold annual general meetings on Wednesday, potentially impacting their stocks based on announcements made during the sessions.
