The ASX 200 concluded the trading session on a strong note today, with the benchmark index closing at 7,817.3 points, marking a gain of 0.45%. The All Ords (XAO) repeated the trick, adding 0.48% on what was a good day for markets. This uptick signals a positive investor sentiment, indicating a moderately bullish trend in today’s market activities.
Leading the charge among the best performers of the day were Novonix shares (ASX: NVX) up 15% today, Chalice Gold Mines shares (ASX: CHN) up 7.83%, and Liontown Resources stock (ASX: LTR) up 5.22%.
On the flip side, companies there were a few companies that struggled on the day, including a2 Milk Co Ltd (ASX:A2M) down 1.83% , IPH Ltd (ASX:IPH) down 1.31%, and the financial services conglomerate Block, Inc (ASX:SQ2) down 1.55%. These firms ended the day as the worst performers on the ASX, but a few other notable names including Rio Tinto (ASX: RIO) also had a red day, ending the day 1.02% down.
The gold sector, in particular shone bright as prices broke new ground, surpassing the US$2300 mark for the first time on record. The historic ascent in gold prices saw local gold producers like Evolution (ASX:EVN) up 1.06% and Northern Star (ASX:NST) up 0.82%.
Meanwhile, an unexpected downturn presented itself in the building approvals data, which flagged a 1.9 percent month-on-month decrease in February, suggesting potential headwinds for the construction industry. This comes against an expected figure of +3.3%, so the swing from expectations is a large one.
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Futures markets indicated a positive outlook for the U.S. with the Dow Jones indicating a 51-point rise, while the S&P 500 and Nasdaq also showed potential gains. Whilst the US markets did kick off firmly in the green, in the last hour, the DJIA has dropped 300 points to sit 0.33% in the red as the trading day continues.
Gold maintained its gleam in the commodities market, trading above US$2,300 per ounce, but it wasn’t all good for metals however, as iron ore prices witnessed a retreat.
On what was a good day for Aussie shares, today’s ASX trading session is hopefully an indicator of things to come, with the All Ords 2.61% growth YTD still lagging other major indices significantly through 2024. The Australian market’s nimble recovery is a testament to its resilience amidst fluctuating circumstances. As commodity prices remain at the forefront of investors’ minds, it’s clear that natural resources continue to play a pivotal role in shaping the financial landscape down under.
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