Market Wrap / money money Monday

Another day, another intraday high for the S&P/ ASX 200. The index closed Monday’s session up 0.28% to 8,417.6 points after reaching a fresh high of 8462 in morning trade.Market heavyweight CBA helped push the market higher, shares adding 0.16% to an all-time high of $160.14.

Energy stocks were in focus as the Federal government announced it will introduce legislation to implement tax incentives for renewable hydrogen and critical minerals. Lithium and renewable energy producer Vulcan Energy rose over 10%.

Mining heavyweight BHP gained 0.1%. Firmer iron ore prices saw Fortescue add 0.4%

In the meantime, electrical equipment supplier IPD Group fell almost 12% as it updated its guidance with earnings expected to come in between $22.5 and $23.1 million dollars.

Real estate was the best performing sector, up 1.6% with Scentre Group and Mirvac topping the charts. 

Elsewhere, car-leasing group SG Fleet started discussions with Pacific Equity Partners regarding a non-binding and indicative proposal for $1.19 billion, or $3.50 per share. A prospect welcomed by investors who sent the stock up 18.4% during today’s trade.

Across the ditch, Air New Zealand lowered its guidance for the first half of FY25 as it warned of ongoing aircraft shortages due to maintenance delays. Earnings before tax are expected in the range of $NZ120 million to $NZ160 million. Aussie listed shares gained 3.2%.

And a disappointing market debut for payments infrastructure firm Cuscal. Shares closed the session at $2.31 down from the $2.50 IPO price.