The Last Trade || ASX Closes At Record High On Blue-Chip Rally

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The Last Trade || ASX Closes At Record High On Blue-Chip Rally

This is the last show of the day - The Last Trade. Lets get started with today’s market close commentary.

• The Australian share market started the week on strong note, rising over 1% to hit a fresh all-time high of 7,398.60 during the day’s trade on the back of strong rally in blue-chip stocks. The market witnessed surge in buying across all sectoral indices, barring few, ahead of the US Federal Reserve meeting for further clarity on inflation and monetary policy going forward.  

• The S&P/ASX200 closed up Tuesday, gaining 67.20 points or 0.92% to 7379.50 and setting a new 100-day high. The top performing stocks in this index were RESMED INC up 7.16% and THE A2 MILK COMPANY LIMITED, up 5.33%.

• Medical device company ResMed Inc (ASX:RMD) emerged as the top performer on the ASX with 7.12% gain. Nuix Limited (ASX:NXL), A2 Milk Company Limited (ASX:A2M), Iluka Resources Limited (ASX:ILU) and Premier Investment Limited (ASX:PMV) were among other top gainer, rising between 4.4%-5.3%.

• On the other hand, vessel builder Austal Limited (ASX:ASB) emerged as worst performer on the ASX, dropping 8.5% after the company cut its full-year guidance, citing supply chain disruptions caused by COVID-19 pandemic which impacted its shipbuilding operations in Australia and the Philippines.

• Some of the other worst performing stocks on ASX were PointsBet Holdings Limited (ASX:PBH), Nickel Mines Limited (ASX:NIC), Downer EDI Limited (ASX:DOW) and Costa Group Holding (ASX: CGC).

• Shares of Galena Mining Limited gained as much as 12% to 28 Australian cents, its highest level since 12 November 2020, after the base metals miner unveiled plan to develop flagship project.

• Wesfarmers Limited shares climbed 3.2% to a record AU$56.73, its sharpest gain since 1 March 2021. Many consumer-facing businesses of Wesfarmers, such as hardware chain Bunnings and department stores Kmart and Target, have seen strong sales due to lockdowns, with customers focused on home improvements alongside higher construction activity in the country.

• Shares of Keypath Education International INC climbed as much as 4.5% to AU$3.51 after the company raised revenue guidance for FY21. The online course provider has announced an increase in FY2021 revenue guidance to AU$94 million-AU$96 million from AU$91 million featured in the company’s prospectus. 

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