Finance News

ASX hits highest level since Sept 15

food, microsoft, asx hits highest level since sept 15

Property trusts were the biggest gainer at midday, while energy was the biggest loser.

The Australian share market has hit a nearly six-week high after gaining ground for a second morning in a row.

The benchmark S&P/ASX200 index was up 41.4 points to 6820.8 at noon AEDT on Tuesday, a 0.61 per cent climb. The index hit 6831.3 shortly after the open, its highest level since September 15.

The broader All Ordinaries was up 39 points, or 0.56 per cent, to 7017.4.

Avatrade’s London-based chief market analyst, Naeem Aslam, said markets had been buoyed by better-than-expected US earnings reports.

“Investors and traders thought that during this quarter, they would hear a lot of doomy projections from the companies, such as the impact of the potential recession (and) lower consumer spending,” he wrote.

But so far that hasn’t materialised, although some of the biggest US tech names such as Alphabet, Microsoft and Meta are reporting in the next 48 hours.

Eight of the ASX’s 11 sectors were up, with utilities flat and energy and mining down by 0.9 and 0.4 per cent, respectively.

Property trusts were the biggest gainers, climbing 1.9 per cent. Shopping centre owners Vicinity Centres and Scentre Group rose 2.0 and 2.2 per cent, respectively.

In the financial sector, NAB and CBA hit their highest levels in two months, with NAB up 0.9 per cent to $31.91 and CBA rising 1.1 per cent to $101.50.

ANZ was up 0.8 per cent to $25.805 and Westpac rose 0.5 per cent to $24, while Macquarie increased 1.8 per cent to $164.28.

In the heavyweight mining sector, BHP was down 1.3 per cent to $38.57, Fortescue Metals retreated 2.1 per cent to $1642 and Rio Tinto fell 1.4 per cent to $91.26.

In the energy sector, Ampol fell 11.0 per cent to $27.855 after its third-quarter update included an unexpected $21.3 million loss in its fuel and infrastructure business.

RBC Capital Markets analyst Gordon Ramsay said Ampol had apparently been caught out by holding imported jet fuel for a few months that it had to sell for a loss.

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