ASX Market Close: Strong start to the week for local bourse, as CBA hits fresh highs | 29 July, 2024

The Market Herald07-29

The ASX200 had a strong start to the week rising 0.86% to 7989.60 points – not far off the recently hit 8000 level. Investors are anticipating the release of key Australian inflation data on Wednesday...

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The US Federal Reserve also makes an interest rate decision in the early hours of Thursday morning Australian time.\nAnalysts say a higher-than-expected CPI number at home could spur the RBA to hike rates. But if the number meets, or is lower than expected, the RBA will likely keep rates on hold.\nAll sectors were in the green with IT leading the way up 1.53%, closely followed by Telecommunication 1.4% and Real Estate 1.38%.\nIn the Green\nCommonwealth Bank (ASX:CBA) closed up 1.32%, hitting an all-time high and defying analyst expectations. \nAnalysts at Citi joined the consensus saying the big four’s fundamentals do not warrant the stocks climbing higher.\nCommonwealth Bank of Australia closed at $134.90\nAustralian technology and debt collection provider Credit Clear (ASX:CCR) closed up 13.2% after announcing record revenue for the June quarter and upgrading EBITDA from $3.7 million to $4 million.  \nCredit Clear closed at 30 cents\nMicrobiome health company Biome Australia (ASX: BIO) is up 16% on the release of its three year revenue plan. The revenue target is $75-85 million over 3 years and represents a target more than 400% higher than the prior target.\nBiome Australia closed at 58 cents.\nIn the Red\nDespite ending the quarter with $60 million in cash, Vulcan Energy (ASX:VUL) was down 4.28% on the back of its latest results. \nWhile the company has produced first lithium chloride from its European downstream facility, intraday gains were pared by afternoon, leaving Vulcan in the red.\nVulcan Energy closed at $4.25\nIndiana Resources (ASX:IDA) closed down 5.88% after sharing it is the beneficiary of a US$90M settlement to be paid by the Tanzanian government. This follows a favourable dispute resolution outcome for the company.\nIndiana Resources closed 8 cents.\nMedical technology Impedimed (ASX:IPD) is down 3% after the market was underwhelmed by its Q4 results. The company increased quarterly revenue from $2.6 million to $2.9 million, but this was not enough to sway market sentiment.\nImpedimed closed at 6.4 cents.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2455614654"}