ASX closes 0.8% higher: Property stocks soar

Market Reports

by Peter Milios

Australia's stock market rebounded on Monday, with the S&P/ASX 200 Index closing 0.8% higher at 7788.3 points, primarily driven by gains in the rate-sensitive property sector, which surged by 1.8%. This recovery follows a 1.1% decline on Friday, prompted by concerns over US interest rates after strong economic data suggested a potential need for prolonged rate hikes by the Federal Reserve. The All Ordinaries index also saw a 0.7% increase amidst broader market gains.


The Dow Jones futures are pointing to a fall of 14 points.

The S&P 500 futures are pointing to a fall of 2 points.

The Nasdaq futures are pointing to a fall of 15.25 points.

The SPI futures are up 65 points.

Best and worst performers

The best-performing sector was REITs, up 1.64 per cent. The worst-performing sector was Energy, down 0.23 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 4.63 per cent higher at $6.10. It was followed by shares in Yancoal Australia (ASX:YAL) and Meridian Energy (ASX:MEZ).

The worst-performing large cap was Pro Medicus (ASX:PME), closing 2.13 per cent lower at $113.24. It was followed by shares in BlueScope Steel (ASX:BSL) and IGO (ASX:IGO).

Asian markets

Japan's Nikkei has gained 0.49 per cent.

Hong Kong's Hang Seng has gained 0.72 per cent.

China's Shanghai Composite has gained 1.10 per cent.

Commodities and the dollar

Gold is trading at US$2,344.10 an ounce.

Iron ore is 0.9 per cent higher at US$120.55 a tonne.

Iron ore futures are pointing to a 1.5 per cent fall.

Light crude is trading $0.28 higher at US$78.00 a barrel.

One Australian dollar is buying 66.32 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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