Aussie shares are lifting for a seventh straight day, with the ASX 200 up by 0.7 per cent to 6,735.2. This takes the market to a fresh 9.5 month high, is up slightly in 2020 and has surged by more than 13 per cent over the past five weeks. With only one and a half full weeks of trade left this year, the ASX 200 is up by more than 3 per cent in December.
The US market rose last night, with the S&P500 closing above 3,700pts for the first time. While most sectors are higher on Wednesday, strong gains from CBA and CSL are the biggest contributors to the broader market at lunch. Both stocks are adding ~20pts to the ASX 200.
Fortescue Metals (FMG) is up by close to 1 per cent, hitting a fresh record high this morning. This follows the iron ore price jumping by a further 1.6 per cent overnight to US$149.95 per tonne and a near eight-year high. The price of the metal has surged by ~30 per cent in just six weeks thanks to strong demand for steel in China.
Syrah Resources (SYR) is in a trading halt at the company’s request ahead of a capital raising announcement.
Healius (HLS) is up 5.5 per cent after announcing a $200m onmarket buy-back of shares over the next year starting later this month. HLS said it has had ‘continued strong growth in revenues’ in its Pathology business, ‘sustained growth in revenues in all states in Oct and Nov’ in Imaging and revenues ahead of last year in recent months at its Day Hospitals.
Link (LNK) is down by 1.1 per cent at lunch after surging by 14 per cent on Tuesday. The share registry company provided a business update to the market this morning, a day after receiving a second takeover bid. US listed SS&C Technology has offered $5.65 per share to acquire LNK and follows a smaller $5.40 offer from a consortium in October.
Cluey (CLU) is up 1.25 per cent on the online tutoring company’s first day of trade on the ASX. CLU raised ~$30m via the IPO and said it would use the money to help pay for its growth strategy, which includes spending on marketing, product development and operations.
According to a monthly survey of consumer sentiment, confidence rose by 4.1 per cent to 112 in December which is around a 10-year high. Success in supressing the coronavirus, together with the mostly positive recent vaccine news and strong economic growth may have all helped.
4.8bn shares were traded on Wednesday, worth $3bn. 654 stocks are up, 581 down and 391 are unchanged.
Published by CommSec