Welcome to your five-minute recap of the trading day and how the experts saw it.
The numbers: The Australian share market posted its best performance in nearly six months on Wednesday after overnight gains on Wall Street.
The S&P/ASX200 closed 50.50 points, or 0.7%, higher at 7231.80, boosted by mining heavyweights and energy stocks that kept the stock in positive territory.
The drivers: Whitehaven and Yancoal were two of the day’s best-performing stocks amid continued hopes of higher coal prices as demand in the northern hemisphere picks up ahead of winter. Whitehaven rose 5.6 percent to $9.62, while Yancoal rose 3.8 percent to $5.42.
Wall Street’s strong overnight session has boosted the Australian share market. Credit: Bloomberg
Laggards: The information technology sector underperformed, down 6.7% overall to $53.84 after the company’s AGM on Wednesday morning, where CEO Richard White maintained the company’s profit guidance for profit growth of 21% to 30% for the year. , disappointing any investors expecting improved profits.
The downside: It was a reasonably strong day for the market, with the S&P/ASX200 nearing its highest level in six months, turbocharged by a few strong performing stocks.
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One of the best performers was Qantas, which closed 5.3% higher at $6.18 after raising its mid-December profit forecast. The airline said it now expects $1.35 billion to $1.45 billion in underlying pre-tax profit in the first half of its financial year, up $150 million from its previous guidance given in October.
Shaw and Partners senior investment adviser Craig Sidney said the market was seeing continued strength in the materials and energy sectors, with banks also holding up well. The big four banks closed higher, with the strongest gains coming from NAB, which rose 1%. Millionaires’ factory Macquarie gained 1.6 percent.