ASX Resets All-Time High for the Third Time in a Week

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ASX Resets All-Time High for the Third Time in a Week

The Australian Financial Review12-03 13:29

The Australian sharemarket on Tuesday set an all-time high for the third time in the past week, as gains in health stocks propelled the index above the 8500 mark for the first time.The S&P/ASX 200 ...

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Analysts predict the index could end the year well above 8,600.This is partly because the ASX typically outperforms Wall Street in December and indicators suggest this year will be no different. “When the options market suggests the US will rise 2.4 per cent to 4.2 per cent this month, then you’d think the Aussie market might follow suit and could be closer to 8,800 points,” said Jessica Amir, a market strategist at online trading platform Moomoo.And, it partly depends on the economy of China, Australia’s biggest customer of natural resources. Ms Amir also stressed that a strong ASX finish this year is possible given that around $US1 trillion($1.6 trillion) in consumer spending is expected to be flushed through the economy globally this festive season.On the ASX, nine out of the 11 sectors closed in the green with health as the top gainer. Utilities fell, dragged lower by AGL and Origin.Metcash shares had their best day in three years after Citi upgraded the wholesaler to “buy” from “neutral” on expectations that earnings of the depressed hardware business would bounce back. The shares stormed 7.5 per cent higher to $3.43, the largest one-day gain since late 2021.The big banks lifted with ANZ leading the charge, up 1.1 per cent to $31.71. Westpac climbed to an intraday seven-year peak of $34 before closing 1 per cent higher at $33.61. Commonwealth Bank, however, retreated 0.3 per cent, taking a breather from a run of record highs.Miners were mixed as iron ore prices steadied following Monday’s strong gains. BHP fell 0.2 per cent to $40.66, Rio Tinto also lost 0.2 per cent to $119.05 but Fortescue jumped 2.1 per cent to $19.43.In corporate news, Collins Foods was the biggest laggard after the KFC and Taco Bell restaurant operator lowered its fiscal 2025 earnings guidance and dividend due to a challenging consumer environment with sticky inflation weighing on margins. Shares dropped 4.3 per cent at $8.25, the lowest in three months.It was also a tough session for Woolworths. The supermarket giant shed 0.4 per cent to $30.21 after two weeks of industrial action over pay claims cut $50 million in food sales as the retailer struggles to stock shelves.Buy now, pay later player Zip shed 0.6 per cent to $3.41 on news co-founder Larry Diamond will step away to focus on philanthropic activities.And, insurance broker Steadfast Group rallied 2.7 per cent to $6.03 after an internal ongoing review found no evidence of improper incentives or compliance manipulation.In economic news, Australia’s public investments jumped 2.4 per cent in the third quarter of the year to a record $183 billion as defence spending skyrocketed. The Bureau of Statistics estimated this would add 0.7 percentage points to GDP in the third quarter. Gross domestic product data, due on Wednesday, is forecast to show modest growth of 0.4 per cent.In currencies, the Australian dollar languished just above four-month lows at US64.68¢ as the Chinese yuan hit a one-year lows against the greenback due to US President-elect Donald Trump’s renewed tariff threats. The Aussie dollar is often sold as a liquid proxy for the Chinese currency, reflecting China’s position as the largest buyer of Australian resources.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}