1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The Australian share market continued its rally, with the S&P/ASX200 finishing 0.81% higher at 8,607 points. This comes after a strong opening, boosted by a global risk-on wave amid rising confidence that the US Federal Reserve may deliver a rate cut in December.
Miners drove much of the upside on the back of renewed strength in iron ore and base metals, lifting sentiment across the broader index. PLS put in a solid performance, gaining 7.2%.
Healthcare, consumer discretionary and real estate names helped propel the early gains, with strength showing up across much of the market. That momentum faded slightly, though, once October’s CPI print landed hotter than forecast. Inflation climbed to 3.8% annually, putting fresh strain on rate-sensitive stocks.
CSL edged up 0.5% and ResMed climbed 2%, while Fisher & Paykel Healthcare jumped 5.1% after upgrading its full-year guidance on the back of supportive currency movements.
On the flip side, stocks in Temple & Webster plunged 32.3%, despite posting an 18% increase in revenue from July 1 to November 20. Harvey Norman shares faded after reaching a record high on a solid trading update.
The trading day ended with more M&A; this time a private equity bid for National Storage REIT.
Ahead tonight, US durable goods orders will be released, along with the US Federal Reserve’s Beige Book, providing a guide on economic conditions across the United States.
