Aussie market up by 6.1 per cent for the year; moves closer to 12-month high

The local share market has resumed its upwards trend, hitting its highest intraday level in 10 months with gains across the board.

Dec 20, 2023, updated Dec 20, 2023
The sharemarket is moving steadily towards a 12-month high (file photo)

The sharemarket is moving steadily towards a 12-month high (file photo)

At noon AEDT on Tuesday, the S&P/ASX200 was up 44 points, or 0.59 per cent, to 7,470.4. The broader All Ordinaries was up 45.6 points, or 0.6 per cent, to 7,696.0.

Shortly before lunchtime the ASX200 rose as high as 7,472.6, narrowly eclipsing July 27 with its best intraday level since early February.

The index is now up 6.1 per cent for the year, having risen 10.3 per cent since reaching a nadir in late October.

Traders were digesting the release of minutes from the Reserve Bank’s December 5 meeting, which showed the board was concerned that households were “experiencing a painful squeeze on their finances” and that the pace if disinflation in some countries overseas had accelerated.

“If emulated in Australia, this would be helpful in bringing inflation back to target,” the minutes said.

Assessing the minutes, ANZ economist Adam Boyton said the bank’s view remained that the cash rate had peaked at 4.35 per cent, but that the RBA would not begin cutting rates until around November 2024.

Every sector was up at midday with property gaining the most, climbing 1.1 per cent.

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NAB and CBA were leading gains among the Big Four banks, with both up 0.7 per cent. Westpac had added 0.6 per cent and ANZ had risen 0.5 per cent.

In the heavyweight mining sector, Fortescue had added 0.7 per cent, Rio Tinto was up 0.3 per cent and BHP was up 0.1 per cent.

Lithium developer Liontown Resources had gained 9.2 per cent to a five-week high of $1.60.

G8 Education was up 11.8 per cent to a nearly two-month high of $1.1125 after the early childhood education provider said its performance in the second half had been markedly improved, with wages effectively managed and lower customer attrition.

The Australian dollar was buying 67.10 US cents, from 67.25 US cents at Monday’s ASX close.

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