Local markets follow US lead to hit new highs

Market Reports

by Manny Anton

Australian stocks set a record high in morning trading led by resources, banks and property.

In the resources space, gold, iron ore, and lithium names rose strongly with the S&P/ASX 200 rallying 0.88 per cent to 7886 points and setting new highs for the index.

In economic news, Retail Sales rose 0.3 per cent in February a little softer than consensus estimates of 0.4 per cent.

The SPI futures are pointing to a rise of 56 points.

Gold miners led the charge as the gold price approached new highs during the morning, with Newmont trading 3 per cent higher, and Northern Star and Evolution both up over 2 per cent. In the iron ore space BHP, RIO and FMG were all trading up over 1 per cent as midday approached.

In the property space, falling bond yields and some M&A activity worked to push the sector strongly into the green during the morning session. Charter Hall Group and Charter Hall Retail fund announced they have taken a 14.8 per cent stake in Hotel Property Investments for $97 million, making them the largest holder on the register.

Best and worst performers

The best-performing sector is REITs, up 2.01 per cent. The worst-performing sector is Information Technology, down 0.22 per cent.

The best-performing large cap is Whitehaven Coal (ASX:WHC), trading 5.12 per cent higher at $7.09. It is followed by shares in Newmont Corporation (ASX:NEM) and Mineral Resources (ASX:MIN).

The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 4.61 per cent lower at $5.38. It is followed by shares in GQG Partners (ASX:GQG) and Fisher & Paykel Healthcare Corporation (ASX:FPH).

Commodities and the dollar

Gold is trading at US$2208.40 an ounce.
Iron ore is 2.8 per cent lower at US$101.30 a tonne.
Iron ore futures are pointing to a 0.2 per cent fall.
One Australian dollar is buying 65.25 US cents.

Manny Anton

Sequoia Financial Group
Manny has over 30 years’ experience in financial markets, banking and corporate advisory. He previously worked at UBS, Credit Suisse and RBC, covering equities and equity derivatives, both domestically and internationally, based in London, Hong Kong and Sydney. Manny has also worked with corporates in IR and development in the energy and resources sectors.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?