The Last Trade | Is strong economic data propelling market to fresh high?

The Australian shares were set to close in green on Wednesday on back of strong macroeconomic data. The market is upbeat, as Reserve Bank of Australia said that the economy has been recovering faster than anticipated earlier.  The S&P/ASX200 closed up Wednesday, gaining 75.20 points or +1.05% to 7217.80 and setting a new 100-day high.

The top performing stocks in this index were WORLEY LIMITED up +6.76% and INGHAMS GROUP LIMITED, up +6.27% . Over the last five days, the index has gained +1.77% and is currently +0.02% off of its 52-week high. On the sectoral front, eight of 11 sectors are higher along with the S&P/ASX 200 Index. Energy has been the best performing sector, gaining 2.42 per cent during the day. On the other hand, healthcare, down by 75 bps, was the worst hit sector.   

Clean Seas Seafood Limited said that it acknowledges Whyalla council's approval of marina access for the establishment of a new farming location at Fitzgerald Bay in South Australia. Today, Clean Seas Seafood Limited stock was up 2.65 per cent at 0.58 Australian dollars.  The Nikkei 225 in Japan gained 0.22 per cent while the Topix index climbed 0.67 per cent.

In South Korea, the Kospi rose 0.25 per cent. Hong Kong’s Hang Seng index shed 0.36 per cent. Mainland Chinese stocks also declined as the Shanghai composite fell slightly and the Shenzhen component dipped 0.217 per cent.  MSCI’s broadest index of Asia-Pacific shares outside Japan traded fractionally higher. 

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