Market Wrap / five month high

The local market reflected rising sentiment with investors rotating back into growth and cyclical sectors as geopolitical risks moderated and as reporting season gathers momentum.

The S&P/ASX200 climbed 1.4% to its highest level since March, finishing at 9146 points.

The big four banks did a lot of the heavy lifting ahead of their results next week, while Macquarie added 3.1%.

Tech was the best performing sector, led by Life360 which rose 11.4% after a broker upgrade.

Among the miners, Fortescue rose 1.6%, despite iron ore trading near a one year low.

DroneShield added to yesterday’s gains, rising 14.6% after JPMorgan increased its holding in the company, while EOS also received a boost, up 8.9%.

Among the companies reporting results, Credit Corp fell 7%, despite increasing its profit, as investors worried about emerging headwinds.

Charter Hall Social Infrastructure REIT rose 2.2% and Centuria Office REIT gained close to 1% as their profits surged.

Qantas dropped 0.3% after selling its stake in Jetstar Japan.

And Amplia Therapeutics shares bounced nearly 15% higher after signing a supply agreement with Eli Lilly. 

Tonight, SpaceX is back in the spotlight with its first results.