After an almost 6% rally in March, the ASX200 is trading about 20 points higher than where it started the year, reclaiming all of January’s 6.35% loss and more.
Taking their lead from the U.S overnight, technology stocks have been amongst the day’s best performers.
Afterpay owner Block (SQ2) added 6.82% to $183.15, Appen (APX) added 6.69% to $7.18. Life 360 (360), added 5.06%to $5.40. Sezzle (SZL) added 4.49% to $1.40, While Zip Cp (Z1P) gained 4.76% to $1.54, putting some breathing room between itself and its $1.40 all-time low.
Health Care stocks have had a rare day in the sun, led by Resmed (RMD), which added 4.06% to $32.53. Ramsay Health Care (RHC) was amongst the winners adding 2.94% to $64.96, Ansell (ANN) added 1.97% to $25.37, while biotech giant CSL added 1.43% to $265.60.
Enjoying the prospect of a Federal Budget this evening ripe with cash handouts for voters and stronger than expected retail sales data, Consumer Discretionary stocks have ripped higher today.
Domino’s Pizza (DMP) added 3.01% to $82.92, Aristocrat Leisure (ALL) added 2.53% to $37.01, JB Hi Fi (JBH) added 2.34% to $55.21 while Wesfarmers (WSF) added 1.83% to $50.65.
The big banks rallied in anticipation of tonight's pre-election Federal Budget and cash handouts to households. Westpac (WBC) lifted by 1.08% to $24.29, National Australia Bank (NAB) added 0.60% to $32.10, ANZ added 0.29% to $27.87, and Commonwealth Bank (CBA) added 0.22% to $106.37. Macquarie (MCQ) added 1.37% to $203.83 after it pulled its bid for Uniti.
Having a rare off day, the energy sector finished lower, weighed on by an 8% fall in crude oil overnight to $103.53/ bbl, after Shanghai launched a phased lockdown to curb surging Omicron cases and suspended public transport.
Beach Energy (BPT) fell 2.13% to $1.61, Santos (STO) fell 0.25% to $7.92 while Woodside Petroleum (WPL) fell by 1.06% to $32.81.
After a slight fall in the price of iron ore overnight on concerns over China’s latest Covid lockdown, BHP Group (BHP) fell by 0.59% to $50.62. Rio Tinto (Rio) fell by 1.381% to $116.84, and coal miner New Hope Coal (NHC) fell by 2.86% to $3.40.
The AUDUSD is trading lower at .7481, taking a breather after a stellar run higher and after failing to clear resistance coming from the .7555 high of October 2021.
SourceTradingview.ThefiguresstatedareasofMar 29,2022.Pastperformanceisnotareliableindicatoroffutureperformance.Thisreportdoesnotcontain and is not to be taken as containing any financial product advice or financial product recommendation
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