The Australian share market concluded the month on a robust note with a strong rally, particularly driven by the tech and industrial sectors. The benchmark S&P/ASX200 index experienced a mixed session on Thursday, initially slightly lower but ultimately finishing up 51.6 points, or 0.74 per cent, closing at 7087.3. Notably, all sectors, except energy and utilities companies, made advancements. Insurance Australia Group recorded significant gains, rising by 3.1 per cent alongside the rebound of shares in insurance companies. Suncorp also emerged as one of the greatest advancers, marking a 2.5 per cent increase.
This week, the ASX 200 exhibited an overall gain of 0.36%, with the technology sector notably standing out. The market sectors were dominated by technology, which experienced a 2.3% gain over the past five trading days. Additionally, the healthcare sector also saw a substantial increase, climbing up by 2.25%.
The upbeat momentum in the market was sustained by the rebound in cyclical stocks, with a rally in tech and industrials propelling the benchmark into positive territory on Thursday. Origin Energy’s board rejection of a proposed takeover bid also contributed to the market’s overall positive performance.
The Australian dollar saw an increase at the end of trading, purchasing US66.44c, marking a 0.4 per cent rise. Tim Waterer, chief market analyst at KCM Trade, highlighted an “afternoon growth spurt” that led the benchmark to finish in the green after a rather dull start to the trading session.
The ASX 200’s gain of 0.74 per cent, or 52 points reaching 7,087.3, and the All Ordinaries’ similar increase to 7,297.7 underscored the market’s strong rebound, buoyed by the significant gains in cyclical stocks.
The trading day witnessed a robust performance in the Australian share market, driven by the strong rally in tech and industrial sectors. Despite an initial lackluster start, the market showcased resilience, ultimately finishing strongly and setting a positive tone for the close of the month.
