AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- - ASX closes in positive territory with financials leading the surge.
- - Big four banks shine, propelling the financial sector upwards.
- - News Corp and Telstra gain on blockbuster Foxtel deal announcement.
The Australian share market saw a green wave as the ASX 200 closed with a strong 1% gain at 8,200, fueling optimism of a Santa rally in the lead-up to Christmas. Financials spearheaded the rise, climbing 2.11% by the close, while Discretionary and Real Estate sectors also recorded notable increases. Healthcare trailed the pack but still managed a 0.6% gain, marking an all-green day for sectors.
The financial sector’s standout performance was driven by Australia's big four banks. Shares of Commonwealth Bank (ASX:CBA) rose 2.52%, followed by gains for NAB (ASX:NAB), Westpac (ASX:WBC), and ANZ Group (ASX:ANZ), which climbed 1.79%, 1.74%, and 2.36% respectively. These gains reflect solid investor confidence as the festive season continues.
In corporate news, shares of News Corp (ASX:NWS) soared 3.40% to $50.73 following the announcement of its joint deal with Telstra (ASX:TLS), selling their stakes in Foxtel to UK streaming service DAZN for $3.4 billion. Telstra shares also gained 1.01% to close at $4.02.
Super Retail Group (ASX:SUL) had a strong session, gaining 4.34% to close at $15.40 after a whistleblower case against the company was dismissed in Federal Court. Justice Michael Lee ruled in favor of the retail giant, sparking a positive reaction in the market.
Pro Medicus (ASX:PME) impressed investors by adding $6.50 per share to close at $255.15. This came after securing a $30 million contract for its flagship Visage imaging solution over the weekend.
Among resources stocks, IGO Limited (ASX:IGO) surprised the market by rising 1.2% to $4.86 despite announcing that dividends would not be paid through FY25. The company cited difficulties in selling battery materials from its Kwinana refinery due to stockpiling issues.
Not all companies enjoyed the festive cheer, however. EML Payments (ASX:EML) dropped 21.11% after revealing the dismissal of its CEO, Ron Hynes, who had been appointed earlier this year. The company faced uncertainty amid this abrupt leadership change. Meanwhile, GQG Partners (ASX:GQG) declined 5.5%, with concerns brewing over its exposure to investments linked to the Adani Group.
The pre-Christmas trading session showcased a broad-based rally, with financials leading the charge, but mixed fortunes across individual companies highlighted the dynamic nature of the market.
