The Aussie share market set new benchmarks today, reaching an all-time high on both the ASX 200, and the All Ords, as gains in the healthcare and finance sectors bolstered investor sentiment. The ASX 200 Index added 0.45%, finishing the day at 8444.3 points, as the All Ords closed out exactly at 8,700 for a 0.47% gain.
A standout development was the agreement by insurance behemoth IAG (ASX:IAG) to acquire a significant portion of RACQ’s insurance underwriting business for $855 million. This acquisition not only exemplifies consolidation within the insurance industry but also underscores the strategic initiatives companies are undertaking to strengthen their market positions. IAG’s shares gained 3.55% on the day, as the firm also secured an option to acquire the remaining shares in two years, potentially further increasing their footprint in the sector.
In the healthcare sector, firms like Pro Medicus (ASX: PME), CSL (ASX: CSL), and Resmed (ASX: RMD) showcased a healthy growth in their stock values, indicating an affirmative investor outlook towards this indispensable industry segment. Their performance is particularly notable considering the ongoing global health challenges and underscores the significant role they play in public health and well-being. Pro Medicus shares were a leading name on the day, gaining 8.66% and hitting a new all time high of $258.87 intra-day.
The ASX’s record performance shines a light on the financial and healthcare sectors’ solidity, on a day that was less focused on U.S. markets, where the Thanksgiving holiday has allowed markets to look internally. Investors, buoyed by positive local trends, nevertheless remain watchful of the stirrings across international markets that could shape the economic panorama in the times to come.
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