The ASX200 trades 19 points higher at 7124 at 3.20 pm Sydney time.
The ASX200 has extended its gains from the June lows today despite index heavyweight CBA trading ex-dividend and a drop in the share price of CSL after it reported a fall in earnings.
The Consumer Discretionary Sector supported the rally as Super Retail Group added 6.36% to $10.87 after reporting record sales. Wesfarmers added 2.6% to $49.16, Harvey Norman added 1.6% to $4.43, and Star Entertainment added 0.86% to $2.92.
The Real Estate sector was another winner today, despite the Domain group falling 5.2% to $3.84 after providing weaker guidance. Charter Hall Group added 2.36% to $13.00, Goodman Group added 1% to $2.87, and Mirvac Group added 0.7% to $2.19.
Coal Mining stocks have gained after the price of alternative energy source natural gas climbed by 7.25% in overnight trading. New Hope coal added 3.4% to $4.53, Whitehaven coal added 3.48% to $6.84, and Yancoal added 2.63% to $5.46.
Elsewhere in the Materials Sector a mixed day for the mining giants. FMG fell 0.7% to $19.28, Rio Tinto gained 0.38% to $96.29, and BHP added 0.42% to $40.68.
The Financial Sector gained after the release of softer than expected Wages data, which showed a rise of 0.7% for Q2 and suggests the labour market remains in good shape. NAB added 1.06% to $31.38, Westpac added 0.72% to $22.50. ANZ added 0.44% to $23.94. CBA fell 1.56% to $99.90 after going ex-dividend, while Macquarie traded flat at $182.70.
The share price of Santos fell 1.84% to $6.96 after missing earnings expectations despite reporting an 85% increase in revenue and a 300% jump in underlying profit to US$1,267mn.
Finally, the woes of funds manager Magellan have continued as its share price fell 6.8% to $14.01 after a year of underperformance and outflows that weighed on its earnings.
After extending its rally above 7100, the ASX200 is eyeing crucial resistance at 7161, coming from the 200-day moving average – a level the ASX200 has not closed above in 15 weeks. I expect this level to attract sellers and cap the market on its initial attempts.
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