AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX indices rise amid hopes for China's economic stimulus.
- Commodities, uranium, and gold sectors see notable movements.
- Mixed performance observed among major banks and biotech.
The Australian share market extended its gains, driven by optimism around potential economic stimulus measures from China. The S&P/ASX 200 Index climbed 0.2% or 15 points to close at 8300.2, marking the third straight session of upward momentum. The index now stands within 100 points of its all-time high, achieved in October. Similarly, the All Ordinaries Index also posted a 0.2% gain.
Among the 11 sectors, five ended in negative territory, with health stocks leading the declines. Notably, biotech giant CSL (ASX:CSL) dropped to a six-month low, losing 1.7% to close at $272.45. The downturn followed the announcement that Robert F. Kennedy Jr., a known vaccine skeptic, was appointed to lead the U.S. Health Department by President-elect Donald Trump.
In the banking sector, performance was mixed. Commonwealth Bank (ASX:CBA) retreated by 1.4% to $153.02 after reaching a record high last Friday. National Australia Bank (ASX:NAB) slipped 0.2% to $39.16 amid a lawsuit over alleged credit code breaches. Meanwhile, Westpac (ASX:WBC) edged up 0.5% to finish at $33.24.
Iron ore miners gained traction following reports that Beijing might announce further stimulus to bolster its economy. Rio Tinto (ASX:RIO) rose over 2% to $116.21, and BHP (ASX:BHP) increased by 0.7% to $40.36, buoyed by news of tax cuts on property transactions in Shanghai starting December 1.
Uranium miners surged after Russia imposed restrictions on exporting enriched nuclear fuel to the United States. Boss Energy (ASX:BOE) soared 7.3% to $3.07, Paladin Energy (ASX:PDN) climbed over 5% to $7.69, and Silex Systems (ASX:SLX) saw a 13% jump to $5.85, making it one of the top performers.
Aluminium stocks also benefitted as China announced plans to eliminate tax incentives on exports. South32 (ASX:S32) rallied 6.2% to $3.77. Gold stocks mirrored gains in bullion prices, with Evolution Mining (ASX:EVN) rising more than 2% to $4.74. However, Resolute Mining (ASX:RSG) faced a 5.5% drop to 38¢ after resolving a tax dispute in Mali for $247 million.
New Hope Corporation (ASX:NHC) gained 2.3% to $4.81 on upbeat FY25 guidance. Meanwhile, Clinuvel Pharmaceuticals (ASX:CUV) rebounded 2.2% to $13.57 after focusing on three strategic areas.
On the other hand, luxury retailer Cettire (ASX:CTT) fell 4% to $1.425 following a rating downgrade, while Life360 (ASX:360) dropped 6.7% to $21.22 after its CEO sold shares. Discount retailer Lovisa (ASX:LOV) also slid nearly 4% to $27.99 due to a downgraded rating.
