Santa Rally Brightens ASX as Financials and Big Four Shine

December 23, 2024 12:00 AM AEDT | By Team Kalkine Media

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Santa Rally Brightens ASX as Financials and Big Four Shine — Image source: shutterstock

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Highlights

Financials led the ASX 200's rise, with strong performance from the Big Four banks.

News Corp (NWS) and Telstra (TLS) gained after a Foxtel deal announcement.

Super Retail Group (SUL) closed higher following a legal victory.

The ASX 200 experienced a festive lift, closing approximately 1% higher at 8,200. With Christmas just around the corner, the Australian market seemed to embrace a much-anticipated Santa Rally, buoyed by gains across all sectors.

Financials spearheaded the positive momentum, ending the day 2.11% higher. This surge was driven by robust performances from the Big Four banks. The Commonwealth Bank (ASX:CBA) rose 2.52%, while NAB (ASX:NAB), Westpac (ASX:WBC), and ANZ Group (ASX:ANZ) posted gains of 1.79%, 1.74%, and 2.36%, respectively. Discretionary and Real Estate sectors also performed well, closing up 1.95% and 1.94%. Healthcare, while still in positive territory, recorded the smallest increase at 0.6%.

News Corp (ASX:NWS) and Telstra (ASX:TLS) saw notable gains after confirming the sale of their stakes in Foxtel to British streaming company DAZN for $3.4 billion. News Corp climbed 3.40% to close at $50.73, while Telstra edged up 1.01%, finishing at $4.02.

Super Retail Group (ASX:SUL) was another highlight, climbing 4.34% to $15.40 after a favorable Federal Court decision dismissed a whistleblower case against the company. This legal resolution added optimism for the retail giant, boosting its performance on the trading floor.

Pro Medicus (ASX:PME) also saw impressive gains, rising $6.50 to reach $255.15. The company announced securing a $30 million contract for its Visage imaging product, adding to investor confidence.

On a less festive note, IGO Limited (ASX:IGO) revealed it would not pay dividends through FY25 due to stockpiles of battery minerals at its Kwinana refinery. Despite this announcement, IGO shares edged up 1.2% to $4.86.

However, not all stocks participated in the rally. EML Payments plunged 21.11% following news of its CEO's departure. GQG Partners (ASX:GQG) also fell 5.5%, with concerns lingering over its Adani Group investments.

As the year nears its end, the market’s festive mood offers optimism, although challenges remain for select sectors and companies. The ASX will close early on Tuesday, with trading ending at 2:10 PM.

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