Daily Market Update

The local market was buoyed by an unexpected surge in the price of gold, which moved beyond US$1,700 per ounce once again. The result was a 2.5 per cent gain in the materials sector offsetting losses in eight of the remaining sectors with St Barbara (ASX:SBM) and Regis (ASX:RRL) the highlights, up 13 and 12.7…

The S&P/ASX200 gained another 0.4 per cent on Tuesday with a broad-based rally managing to overcome a selloff in the energy sector. The staples and utilities sectors were strongest gaining 1.3 and 1.4 per cent, with healthcare and financials not far behind. Energy, however, fell by more than 2.3 per cent on a weaker oil price and…

The local bourse managed a positive start to the week, with signs of an improving economic outlook in China boosting the commodities sector. Materials gained 3.4 per cent behind 5 per cent rallies in BHP (ASX:BHP) and Fortescue (ASX:FMG), supporting a 0.6 per cent improvement in the S&P/ASX200. Energy also rallied 1.4 per cent despite…

The local sharemarket capped another positive week, closing 0.5 per cent higher on Friday on the back of a surge in the oil price. The energy sector gained 3.4 per cent behind a jump in Woodside (ASX:WDS) and Santos (ASX:STO), while another five sectors were down lead by healthcare, which fell 0.8 per cent. The…

Shares in Woolworths (ASX:WOW) neared a one year low, falling 3.5 per cent, after the company delivered another quarterly update. While the headline numbers were solid, with sales up 1.8 per cent to $16.36 billion, concern was raised about the impact of food price inflation of 7.3 per cent in Australia, and whether this will impact on…

The local market managed a small gain on Wednesday, adding 0.1 per cent, as strength in the energy and materials sectors, up 1.1 per cent each, offset losses in property and technology. Among the standouts were a rally in fund manager Perpetual (ASX:PPT), which gained 5.5 per cent, and Rio Tinto (ASX:RIO) which finished 2.4 per cent higher. Amcor…

The local market was spurred on by a smaller than expected cash rate increased by the Reserve Bank of Australia. The 25 basis point increase once again proved that what the market ‘prices in’ isn’t always correct, quite the opposite. As early as this morning the National Australia Bank (ASX:NAB) suggested that there was a real risk of…

The local market followed a strong overseas lead to post another 1.2 per cent gain on Monday, spurred higher by a rally in the technology and discretionary sectors, which added 2.6 and 2.7 per cent respectively. The strength was broad based with only the energy sector contracting, as smaller and mid-cap companies took centre stage…

The local market finished the week on a negative tone, falling 0.9 per cent as the country’s largest iron ore miners were hit by further falls in the price of the commodity. The entire sector fell 4 per cent driven loan by a 9.2 per cent fall in Champion Iron (ASX:CIA), an 8.2 per cent drop…

The local sharemarket advanced for a fourth straight day on Thursday, with a strong performance by the energy and mining sectors outweighing losses by three of the big four banks. The benchmark S&P/ASX200 index closed up 34.2 points, or 0.5 per cent, to 6845.1, with the broader All Ordinaries rising 37.2 points, also 0.5 per cent, to 7042.3. Driving Thursday’s…

The local share market managed a small gain on Wednesday despite the latest inflation reading surprising on the upside, raising the possibility that the Reserve Bank of Australia (RBA) could become more aggressive on rate hikes. The benchmark S&P/ASX200 index finished Wednesday up 12.3 points to 6810.9, a gain of 0.2 per cent, while the broader All Ordinaries index climbed 11.4 points,…

The Australian share market crept higher on Tuesday ahead of the second Budget statement of the year, with the benchmark S&P/ASX 200 Index adding 19.2 points, or 0.3 per cent, to 6798.6, while the broader All Ordinaries rose 15.3 points, or 0.2 per cent, to 6993.7. Every sector was up except for energy and mining, in which investors were busy assessing…