Australian sharemarket surges to fresh record high yet again, tech stocks the top performers

The Australian sharemarket has rallied to its fourth record closing high in the past five trading sessions, with tech stocks the top performers.

The benchmark S&P/ASX200 index closed 0.32 per cent higher at 7562.6, while the All Ordinaries Index lifted 0.33 per cent to 7830.4.

OMG chief executive Ivan Tchourilov said it had been a rollercoaster of a day, after a strong start was followed by a sharp decline as the market flattened off due to a hit to consumer confidence.

The National Australia Bank business confidence index fell by 18.5 points to a 12-month low of -7.9 points in July.

CommSec senior economist Ryan Felsman said it was the second biggest monthly decline in sentiment since October 2008 during the global financial crisis, behind the record 61.8-point plunge in March 2020.

“Aussie business confidence, as measured by the NAB, fell back into negative territory for the first time in 10 months to the lowest level since July 2020 due to widespread virus lockdowns and border closures,” Mr Felsman said.

“Sentiment fell across all states and territories in July, down the most in NSW due to Greater Sydney’s extended shutdown. But confidence was strongest in the mining boom state of Western Australia.”

CommSec analyst Steve Daghlian said tech stocks were a standout, in line with the Nasdaq index on Wall Street overnight.

Australian sharemarket surges to fresh record high yet again, tech stocks the top performers

Camera IconAfterpay shares continue to climb in the wake of Square’s $39bn takeover offer. Bianca De Marchi / NCA NewsWire Credit: News Corp Australia

He said buy-now-pay-later market leader Afterpay continued its strong run in the wake of last week’s takeover offer by US company Square, appreciating 3.25 per cent to $134.27.

“It rose 36 per cent last week and was the best performer of the week as well,” Mr Daghlian said.

Megaport, which helps companies connect to cloud services, released some pleasing full-year numbers and despite an overall loss, gained 3.05 per cent to $17.90.

Commonwealth Bank advanced 1.54 per cent to an all-time closing high of $106.56, National Australia Bank firmed 0.19 per cent to $26.97 and Westpac added 0.87 per cent to $25.58 but ANZ inched one cent lower to $28.88.

Novonix emerged from a trading halt, announcing Houston-headquartered Phillips 66 would acquire a 16 per cent stake in the lithium-iron battery company. Phillips 66 manufactures specialty coke, a key precursor in the production of batteries.

Shares in Novonix rocketed 15.56 per cent to $3.49.

Another stellar performer was medical imaging technology company Emvision, which announced the fabrication and assembly of the alpha unit of its first-generation portable brain scanner, intended for commercialisation, had been completed.

Shares in Emvision soared 13.69 per cent to $2.99.

Australian sharemarket surges to fresh record high yet again, tech stocks the top performers

Camera IconJames Hardie is benefiting from a booming housing market. Credit: Supplied

Building products company James Hardie reported an impressive 50 per cent per cent surge in June quarter net income after achieving record sales amid the housing boom, particularly in the US.

The company expects that boom to continue and accordingly has upgraded its guidance for the 2022 financial year.

Macquarie Research said James Hardie was “smashing it”, with its high-value product strategy “clearly at work in spades”.

“In the context of a strong market backdrop, James Hardie continues to execute well.”

Shares in James Hardie gained 2.9 per cent to $49.32 after hitting an all-time peak of $50.72.

“Despite increased uncertainty from spread of the Covid-19 Delta variant, the cement producer has raised its earnings guidance,” Mr Tchourilov said.

“This was in part due to its investment into home renovation materials, which homeowners are increasingly getting their hands dirty with.

“The company did well as global lockdowns dissipated this year and will be well-positioned for when countries hit their vaccination targets.”

Fund manager Challenger Ltd delivered a full-year result and outlook in line with guidance, with funds under management up 30 per cent, but corporate costs were higher than expected, Ord Minnett said.

It described the announcement of Richard Howes’ departure as chief executive and managing director in March after 18 years with the company as a negative, saying news of his departure may weigh on the stock and take away from an otherwise pre-guided result.

Shares in Challenger rose 1.9 per cent to $5.98.

Australian sharemarket surges to fresh record high yet again, tech stocks the top performers

Camera IconBad news is coming for employees of loss-making Regional Express. James Gourley / NCA NewsWire Credit: News Corp Australia

Airline Regional Express revised its full-year guidance, with its loss of $15m flagged in June widening to $18m.

The company blamed lockdowns in NSW and ensuing border closures, and warned it would be implementing temporary staff stand downs, with the number to be released at the end of the week.

Rex shares were steady at $1.18.

Mr Tchourilov said online bookie PointsBet was back on track, gaining 9.86 per cent to $11.14 following a dip late last month.

“If the stock can push back up towards its 50-day moving average in the coming days, a break of this level may grab the attention of technical traders, especially considering its recent capital-raising and investor presentation is now complete,” he said.

“This would form a strong technical picture, which ties in nicely with their US growth strategy that’s expected to accelerate as gambling laws are relaxed across a number of key states.”

Mr Tchourilov said lithium continued its hot streak.

“Lithium demand forecasts have only been growing and the proposed merger between Galaxy Resources and Orocobre will have it rivalling Pilbara Minerals, and cement its place as a global top five lithium supplier,” he said.

Galaxy jumped 8.6 per cent to $5.30, Orocobre rallied 8.74 per cent to $9.33 and Pilbara advanced 10.95 per cent to $2.33.

Rio Tinto eased 0.59 per cent to $127.50, BHP firmed 0.14 per cent to $51.76 and Fortescue retreated 1.1 per cent to $22.51.

The Aussie dollar was buying 73.36 US cents, 52.97 British pence and 62.47 Euro cents in afternoon trade.

Internet Explorer Channel Network
News Related


Global growth numbers look good, but challenges remain multi-faceted and complex, says Indranil Pan

Economy Indranil Pan, Chief Economist at YES Bank The title of this piece broadly reflects the theme for the October 2021 World Economic Outlook (WEO). Compared to the July forecasts, ... Read more »

Hot Stocks | Sun TV Network, Apollo Tyres and UPL can give up to 38% return in short term

Nifty50 has faced resistance at a very important level of 18,600. Our research shows that it is going to be crucial for the index to sustain above the 18,350-18,400 range ... Read more »

Earnings whip up risk appetite on Wall St

US stock indexes have risen as upbeat results from Johnson & Johnson and Travelers fired up risk appetite, after big banks kicked off the third-quarter reporting period on a positive ... Read more »

Network 18 Media Q2 consolidated revenue up 31%

Network 18 Media & Investments has posted a consolidated revenue of Rs 1,387.2 crore for the versus Rs 1,061 crore in the same quarter last year – a jump of ... Read more »

HUL share price falls 5% as company reports September quarter earnings

Hindustan Unilever (HUL) share price fell 5 percent intraday on October 19 after company came out with September quarter earnings. FMCG major Hindustan Unilever on October 19 reported an 8.9 ... Read more »

Natural gas futures plunge 15.79% from last week's high on profit-booking

Natural gas futures plummeted for the second successive day on October 19 as participants increased their short positions as seen by open interest. Gas price had tumbled 7.8 percent on the ... Read more »

Australian sharemarket ends flat, with potash producer and whisky distiller among winners, but miners and banks weigh

The Australian sharemarket finished flat after a late sell-off, held back by weakness in resources and bank stocks. The benchmark S&P/ASX200 index closed 6.2 points lower at 7374.9, while the ... Read more »

Indian Energy Exchange share price surges 20% as board to consider bonus issue on Oct 21

Indian Energy Exchange share price touched a 52-week high of Rs 956.15, gaining 20 percent intraday on October 19 as the company is to consider a proposal for the declaration ... Read more »

HUL share price edges higher ahead of Q2 results

Hindustan Unilever (HUL) share price was up over 2 percent in the morning session on October 19 ahead of its Q2 results. Experts largely expect the company to grow its ... Read more »

Currency market shut today for Id-E-Milad

Indian currency market will remain shut on October 19 on account of Id-E-Milad. The Indian rupee ended marginally lower at 75.34 per dollar on October 18. It had closed at 75.26 ... Read more »

IRCTC market cap hits Rs 1 lakh crore after share price jumps 4% to 52-week high

Indian Railway Catering & Tourism Corporation (IRCTC) stock was in the focus once again in the morning trade on October 19 after the stock jumped 4 percent intraday. Indian Railway Catering ... Read more »

Policy Bazaar receives Sebi nod for listing, aims to raise Rs 6,017 crore: Report

As of March 2021, over 4.8 crore consumers have registered on Policybazaar platform and purchased over 1.9 crore policies from insurer partners. In FY21, the annual number of visits on ... Read more »

Blackstone-backed global handbag maker to go public next month

The headquarters of Simone Accessories Collection, located in Uiwang, Gyeonggi Province / Courtesy of Simone Accessories Collection By Anna J. Park Simone Accessories Collection, a luxury handbag maker that mainly ... Read more »

UltraTech Cement Q2 Result | Consolidated Profit rises to Rs 1,314 crore, consolidated revenue grows to Rs 12,017 crore

Representational Image UltraTech Cement Limited, world’s third largest cement manufacturer (excluding China) and largest in India, has reported consolidated profit after tax of Rs 1,313.53 crore for the quarter ended ... Read more »

Natural gas futures continue to fall after 3% drop last week, money managers cut net long positions

Representational image Natural gas futures slid on October 18 as participants raised their short bets as seen by the open interest. The gas price had slumped 2.72 percent last week ... Read more »

GPT Healthcare files draft papers with Sebi to raise funds via IPO

Representative image GPT Healthcare, which runs the chain of ILS Hospitals, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share-sale. The initial public ... Read more »

Miners and banks ‘soften the blow' for share market, lifting the ASX200 to a slight gain

The Australian share market edged slightly higher on Monday, as mining and financial shares “softened the blow” following concerns of an interest rate hike and weak Chinese data. Local shares ... Read more »

Slideshow | Foreign brokerages raise target of these 11 stocks, do you own any?

The Indian market continued to make the fresh record highs on positive September quarter earnings, better CPI inflation and IIP data. The BSE Sensex and the Nifty touched fresh record ... Read more »

Casino faces major class action after money laundering allegations revealed

Star Entertainment Group shareholders are forming a class action after alleged inadequacies were exposed in the casino’s systems related to the management of anti-money laundering and counter-terrorism financing risks. Maurice ... Read more »

Market LIVE Updates: SGX Nifty indicates a flat to positive start for the Indian indices

Read more »

Asia jittery ahead of China GDP; oil high

Asian shares are on edge ahead of the release of Chinese economic data for the third quarter, as investors fret about the health of the world's second-largest economy even as ... Read more »

Wall St climbs on strong bank results

US stocks have risen as Goldman Sachs was the latest big bank to report strong results and better-than-expected retail sales eased worries about demand. The three major stock indexes were ... Read more »

Tencent increasing investments in Korea amid China regulation

People pass by Tencent’s headquarters in Guangdong, China, on July 12. AFP-Yonhap By Kim Jae-heun China’s IT giant Tencent is investing more into the Korean game sector amid the Chinese ... Read more »

Dollar set to continue rally against won

An electronic board in Hana Bank’s dealing room shows the slight fall of the won-dollar exchange rate, Friday. Yonhap Foreign exchange market predicted to stabilize next year By Lee Min-hyung ... Read more »

These 8 F&O stocks look good for next few sessions, upside momentum to continue

What is open interest and PCR data indicating? Before we go to what is Open Interest and PCR data indicating, let us first understand what is Open Interest and Put ... Read more »

DAILY VOICE | Give decent weightage to these 5 sectors while transforming portfolio: Vinod Nair of Geojit

Vinod Nair, Head of Research at Geojit Financial Services feels travel & tourism, hotel and aviation sectors are going to witness huge demand as the tourism sector re-opens. “My best ... Read more »

SEBI approves DRHP of Adani Wilmar and Star Health Insurance

The Securities and Exchange Board of India has given a green light to Adani Wilmar and Star Health Insurance for their upcoming initial public offerings (IPOs), CNBC TV-18 reported citing ... Read more »

Moneycontrol Pro Weekender | The burning issue

Representative image Dear Reader, Belated Dussehra wishes. The festive season is in full swing and this week saw a bunch of data that pointed to a strengthening of the economic ... Read more »

Wall St climbs on strong Goldman earnings

US stocks have risen and the main indexes look set for weekly gains after Goldman Sachs capped a strong earnings season for big banks, while a surprise rise in retail ... Read more »

Australian sharemarket rallies, travel stocks jump as NSW scraps quarantine for international arrivals

The Australian sharemarket ended the week on a high note, with travel stocks taking off after NSW Premier Dominic Perrottet announced the state would open up again to the world ... Read more »

Sensex jumps 50% from last Dussehra to scale 61,000 mark. 169 stocks give multibagger returns

India’s equity markets have generated huge wealth for investors since Dussehra last year as the benchmark indices scaled new highs, even though there was a pause in April-May due to ... Read more »

S&P 500 surges, biggest daily percentage rise since March on earnings, data

The S&P 500 jumped on Thursday, its biggest daily percentage advance since early March, as companies including Morgan Stanley and UnitedHealth climbed following strong results, while data on the labor ... Read more »

DAILY VOICE | Higher energy prices, coal crisis, supply chain bottlenecks could hamper economic growth in near term: Poonam Tandon of IndiaFirst Life

Poonam Tandon, Chief Investment Officer at IndiaFirst Life Insurance Company, who has over 26 years of experience in the financial services sector, expects festive push, pent-up demand, good monsoon, improving ... Read more »

SEBI issues revised reporting formats for issuers of non-convertible securities

Markets regulator SEBI on Thursday came out with revised formats for limited review and audit reports to be submitted by entities that have listed their non-convertible securities. The revised formats are ... Read more »

Natural gas futures rise nearly 3.5% on supply crunch; weekly inventory report in focus

Natural gas futures climbed for the second straight day on October 14 as participants increased their long positions as seen by the open interest. The gas price had risen 1.5 percent ... Read more »

Australian sharemarket gains ground after three straight days of losses

The Australian sharemarket bounced back after three days of weakness, enough to claw back those losses for much of the session, but ran out of steam. The benchmark S&P/ASX200 index ... Read more »

Asian stocks up as US dollar squeezed

Asian stock markets have risen, the US dollar has eased and longer-dated bonds rallied as investors reckoned on inflation bringing forward rate hikes around the world. MSCI's broadest index of ... Read more »

Trade Spotlight | What to do with Tata Motors, BHEL, M&M, Tata Chemicals stocks?

The Indian market consistently remained in an uncharted territory as the benchmark indices ended at fresh record closing highs on October 13, outperforming its global peers. The BSE Sensex rallied ... Read more »

Buzzing Stocks: Infosys, Wipro, UltraTech Cement and other stocks in news today

Results on October 14: HCL Technologies, Indiabulls Real Estate, Benares Hotels, Century Textiles, Cyient, Den Networks, Ganesh Housing Corporation, GTPL Hathway, Inox Wind, Inox Wind Energy, Mahindra CIE Automotive, Radhe ... Read more »

Carlyle Group to acquire A Twosome Place coffee chain

A Twosome Place image seen on the coffee chain’s official website / Courtesy of A Twosome Place By Anna J. Park The Carlyle Group plans to acquire Korea’s No. 2 ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic