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Aussie shares kicked off the week with a bang after Wall Street completely recovered its 2020 losses over the Queen’s Birthday long weekend.
Prospects were strong this morning after a US jobs report came in far better than expected over the weekend as businesses reopen from COVID-19 lockdowns. Even as the country erupts in civil unrest and riots, the Dow Jones Industrial Average added on almost 1300 points on Friday and Monday, setting the market down under up for success.
Our benchmark ASX 200 index stayed strong throughout the day, closing well into 6000-point territory for the first time since March 8. Today, the index gained 2.44 per cent, or 146.2 points, to close at 6144.90 points.
Not stopping to rest, the financials sector was the pick of the litter on our local share market yet again. After having to play catch-up to the rest of the market’s recovery two weeks ago, the sector has now regained over 25 per cent in 12 sessions.
Today, ANZ led the big four with a healthy 6.22 per cent increase. Westpac gained 5.8 per cent, NAB 5.08 per cent, and Commonwealth Bank 5.05 per cent. Investment banker Macquarie Group gained 5.42 per cent.
The energy sector was close behind financials, supported by another win for the price of oil. WorleyParsons flexed a double-digit gain as it closed 14.62 per cent higher, while Santos gained 7.30 per cent. Woodside tacked on 5.52 per cent and Oil Search 4.19 per cent.
The recently-established real estate sector continued its own resurgence, gaining 3.87 per cent as coronavirus restrictions continue to lift across Australia. Shopping centre stocks had a field day, with Scentre Group gaining 8.76 per cent, Vicinity Scentres 6.03 per cent, and Unibail-Rodamco-Westfield 8.87 per cent.
Meanwhile, the gains were somewhat-muted in the materials sector as our iron ore stocks and gold stocks worked against each other. In iron ore, big producers BHP, Fortescue Metals, and Rio Tinto each gained between 2.27 and 3.61 per cent. However, our gold producers largely offset the wins as Newcrest lost 2.27 per cent, Northern Star lost 4.97 per cent, and Evolution lost 6.43 per cent.
Meanwhile, health care stocks missed out on the stellar day. Fisher and Paykel gained a nifty 2.26 per cent, but it wasn’t enough to offset biotech giant CSL’s 2.39 per cent loss. Ramsay Health Care lost 1.13 per cent.
As for eastern markets, it’s a mixed start to the major Asian indexes today. When the ASX closed, the Asia Dow was 0.99 per cent higher and the Hang Seng 1.77 per cent higher. Japan’s Nikkei 225, however, was sitting 0.38 per cent lower.
The Australian dollar is slightly lower today, currently buying 69.63 US cents, 54.76 pence, and 11.68 South African Rand.
Today’s ups and downs
Lithium-ion battery specialist Novonix (ASX:NVX) soared to its highest share price since October 2017 today after announcing its breakthrough cathode manufacturing method is now fully patented. The method uses the company’s Dry Particle Microgranulation (DPMG) technique to manufacture “single crystal” cathode material. Shares in NVX gained a whopping 76.64 per cent today to close worth $1.21 each.
Meanwhile, shares in junior explore Torian Resources (ASX:TNR) slumped after some disappointing drill results at its Mt Stirling project. While the company remained positive about the results, they clearly came in below shareholder expectations. TNR share shredded 15.8 per cent of their value today to close worth 3.2 cents each.
