The Australian sharemarket climbed significantly on Thursday, driven by positive US inflation data and strong performances in both the banking and tech sectors. The ASX 200 surged 110.6 points, or 1.4 percent, to 8323.9 points, with nine of the eleven industry sectors showing gains. The Australian dollar also strengthened, reaching 62.24 US cents.
The Australian sharemarket experienced a significant surge on Thursday, with nearly $35 billion added to the value of the ASX 200 . This rally was fueled by encouraging news on US inflation and strong performances from both banks and tech stocks. The S&P/ ASX 200 climbed 110.6 points, or 1.4 percent, to 8323.9 points by 1.11 pm AEDT, with nine out of the eleven industry sectors showing positive growth. The Australian dollar also strengthened, reaching 62.24 US cents as of 1.10 pm.
The ASX maintained its upward momentum following the release of mixed labor force figures. While unemployment remained at 4 percent in December, a notable 56,300 new jobs were added. The finance sector was a key driver of the market's performance, led by Commonwealth Bank (up 2.5 percent), NAB (up 2.7 percent), Westpac (up 2.1 percent), and ANZ (up 2.4 percent). Leading fintech companies Zip (up 6.8 percent) and Block (up 3.1 percent) also saw substantial gains, contributing to the tech sector's strong showing. Mining giants BHP (up 0.6 percent) and Fortescue (up 0.2 percent) experienced modest growth, while Rio Tinto traded flat. The energy sector initially saw gains but later retreated, primarily due to losses in Woodside (down 0.3 percent) and Santos (up 0.6 percent). Health care giant Pro Medicus fell 0.2 percent after an initial rise prompted by the company's announcement of a nine-year, $33 million contract with the University of Kentucky. Brainchip (up 3.5 percent) gained after sharing a positive trading update Thursday morning, one day after announcing its application for its trofinetide medicine to be used in Europe. Pointsbet (up 2.3 percent) grew after appointing Michael Fitzsimons - the executive director of wagering at the Hong Kong Jockey Club - as its chief wagering officer.The positive sentiment in the Australian market mirrored the performance on Wall Street, where the S&P 500 jumped 1.8 percent, the Dow Jones rallied 703 points, or 1.7 percent, and the Nasdaq composite leaped 2.5 percent. Treasury yields eased in the bond market following the update on consumer prices, with the yield on the 10-year Treasury dropping back to 4.65 percent from 4.79 percent late Tuesday. This decline reflected growing hopes for potential interest rate cuts later in the year. The report indicated that overall inflation accelerated to 2.9 percent from 2.7 percent in November. However, after excluding volatile food and energy prices, underlying inflation trends slowed to 3.2 percent in December, exceeding economists' expectations
AUSTRALIA SHAREMARKET ASX 200 Inflation US ECONOMY BANKING TECH AUSTRALIAN DOLLAR
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