ASX rises 1.8% to 8 month high: REA Group hits all-time high

Market Reports

by Anna Napoli

The ASX rallied to an eight month high on the first day of trading since Joe Biden won the US presidential election. The continuation of last week’s rally in part reflected reduced uncertainty as the election looks largely resolved. The S&P/ASX200 rose 109 points or 1.8 per cent to 6299. Online real estate advertising companies REA Group and Domain hit all time highs on the back of a positive broker note from JP Morgan. Shares in Coca-Cola Amatil jumped to their highest level since February amid growing speculation suitor Coca-Cola European Partners may have to lift its $9 billion bid to win over investors who believe the offer is too low. Meanwhile the Aussie dollar hit a 7 week high analysts are predicting it may continue to grow against the greenback as the US budget deficit grows.


The Dow futures are suggesting a rise of 379 points. S&P 500 futures are eyeing a lift of 59 points. The Nasdaq futures are eyeing a lift of 312 points. And the SPI futures are eyeing a rise of 106 points tomorrow morning

Company news

BGH Capital has lifted its bid for Village Roadshow (ASX:VRL) by 12 cents to $2.32 a share. The increase in the offer comes on the back of the re-opening of Village Roadshow's theme parks. Shares in Village Roadshow closed 2.6 per cent higher to $2.35.

Shares in Nine Entertainment rose per cent to today after the company announced a three-year rugby broadcast deal, which will see the matches split between its free-to-air TV network and subscription streaming service Stan.

REA Group shares reached an all time high today after JPMorgan increased its price target on the real estate website saying cost management and listings both came in ahead of expectations. The broker retained its neutral rating on the stock but lifted its price target from $104.00 to $110.00.

Best and worst performers

The best-performing sector is telcos gaining 3.3 per cent while the utilities sector was the only sector in the red shedding 0.2 per cent. The best performing stock in the S&P/ASX 200 was REA Group (ASX:REA) rising 9.1 per cent to $139.50, followed by shares in Nearmap (ASX:NEA) and Zipco (ASX:Z1P) The worst performing stock in the S&P/ASX 200 was Tabcorp (ASX:TAH) dropping 2.9 per cent to $3.98 , followed by shares in Healius (ASX:HLS) and ANZ Banking Group (ASX:ANZ).

Asian markets

Higher: Japan’s Nikkei has gained 2.4 per cent Hong Kong’s Hang Seng is tracking almost 1.6 per cent higher and the Shanghai Composite has lifted 1.96 per cent.


Gold is trading at US$1,964 an ounce.
Iron ore has gained 0.7 per to $117.80
Iron ore futures are suggesting a rise of 2.9 per cent.
Light crude has shed $0.96 cents to $38.10
One Australian dollar is buying 72.99 US cents.

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