1min read
PREVIOUS ARTICLE For US banks skittish about ma... NEXT ARTICLE HSBC planning to cut 10,000 mo...

Latest News

It has been a solid open to the new trading week for the Aussie market. The ASX 200 has managed to improve by 22 points or 0.34 per cent to 6539 at lunch. The index was lifting by as much as 40 points after 30 mins of trade but has since faltered slightly.

The moves on the local market follows a positive lead from Wall Street over the weekend. The US jobs data was slightly weaker than anticipated but not bad enough to further stoke concerns over the health of the economy. With the release of several pieces of soft economic data last week, the market is now raising expectations for the US Fed to cut interest rates.

Trading volume will also be lighter than average on Monday with public holidays for several states including NSW, Queensland, ACT and South Australia. So far, 0.7b units have been traded worth $1b with 521 stocks higher, 344 lower and 326 unchanged.

With that being said, gains have been across the board with nearly every sector pushing higher. The tech sector is experiencing the largest percentage gain with gains of roughly 3 per cent for Afterpay Touch (APT) and Wisetech Global (WTC). The healthcare and energy sectors are also outperforming.

The most improved stock among the top 200 companies is investment house Washington H. Soul Pattinson (SOL), which is advancing 5 per cent. Gold miner, St Barbara (SBM) and nickel miner Western Areas (WSA) are lifting 3.2 per cent and 2.7 per cent respectively.

The major banks are also recovering from heavy losses of up to 6.5 per cent for the big four lenders last week. Westpac (WBC) is leading the way with a gain of 0.6 per cent.

The main laggards are coming from defensive names from the utilities sector. Pipeline operator, APA Group (APA) is easing 0.5 per cent. Some of the heaviest losses are coming from Mayne Pharma (MYX), which is down 3.5 per cent. Both Magellan Financial (MFG) and Caltex are also falling more than 2 percent.

The Aussie dollar also continues to trend higher against the greenback, buying 67.6 US cents.

Published by CommSec