Better-than-expected GDP growth propels market to record high: Aus shares close 1.1% higher

Market Reports

by Michael Luu

The ASX200 continued its bullish tendency throughout the afternoon session and penetrated the 7200s region, erasing records to reach the highest ever close in history at 7218.

Optimistic data reflecting better-than-forecast GDP growth of 1.8 per cent propelled the broader market, as the Australian benchmark wiped out all losses sustained in the week’s first two sessions.

Iron miners and energy players maintained their overwhelming performances throughout the day, as BHP (ASX:BHP) gained 3.1 per cent and Santos  (ASX:STO) surged 6.5 per cent.

At the closing bell, the S&P/ASX 200 was 1.05 per cent or 75.20 points higher at 7217.80.

Futures

The Dow Jones futures are pointing to a rise of 2.00 points.
The S&P 500 futures are pointing to a fall of 1.25 points.
The Nasdaq futures are pointing to a fall of 5.00 points.
The SPI futures are pointing to a rise of 69 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 4.05 per cent. The worst-performing sector was Information Technology, down 1.09 per cent.

The best-performing stock in the S&P/ASX 200 was Inghams Group (ASX:ING), closing 6.55 per cent higher at $3.74. It was followed by shares in Santos (ASX:STO) and Worley (ASX:WOR).

The worst-performing stock in the S&P/ASX 200 was Megaport (ASX:MP1), closing 4.72 per cent lower at $14.72. It was followed by shares in Nanosonics (ASX:NAN) and Regis Resources (ASX:RRL).

Asian markets

Japan's Nikkei has gained 0.46%.
Hong Kong's Hang Seng has lost 0.68%.
China's Shanghai Composite has lost 1.02%.

Commodities and the dollar

Gold is trading at US$1898.82 an ounce.
Iron ore is 4.90 per cent higher at US$208.67 a ton.
Iron ore futures are pointing to a rise of 2.63 per cent.
Light crude is trading $0.30 higher at US$65.59 a barrel.
One Australian dollar is buying 77.36 US cents.