Market crashes through four-day losing streak with best gains in three weeks

The local share market has rallied in morning trade, on track to snap its four-day losing streak with its best gains in over three weeks.

Jan 09, 2024, updated Jan 09, 2024
Australian shares have maintained momentum after hitting all-time levels last week. (Pic Steven Saphore/AAP PHOTOS)

Australian shares have maintained momentum after hitting all-time levels last week. (Pic Steven Saphore/AAP PHOTOS)

At noon AEDT on Tuesday, the benchmark S&P/ASX200 index was up 78.6 points, or 1.05 per cent, to 7,530.1, while the broader All Ordinaries had gained 82.1 points, or 1.07 per cent, to 7,758.9.

The day was on track to be the ASX200’s best performance since a 1.65 per cent gain on December 14. At midday the market had clawed back nearly half of its 176 points of losses during a four-day losing streak.

The gains came after a similar rally on Wall Street, where the S&P500 rose 1.4 per cent after the New York Fed reported that US consumers’ inflation expectations had dropped to the lowest point in three years.

Closer to home, the Australian Bureau of Statistics announced on Tuesday that retail turnover rose two per cent in November, led by increased spending on discretionary spending.

But Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia, said that the volatility created by the emergence of Black Friday sales had made it difficult to use the November data to gauge the underlying strength of consumer spending.

Every sector was in the green at midday except for energy, which was down 0.1 per cent after Saudi Arabia announced sharp price cuts to its oil exports. Woodside and Santos were both down 0.2 per cent.

There was a sea of green most everywhere else, with tech the biggest gainer, climbing 2.1 per cent as risk appetite returned. Xero was up 2.3 per cent and Technology One had advanced 3.0 per cent.

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ResMed was helping buoy the health care sector, rising 6.2 per cent to a four-month high of $7.91 despite releasing no news.

All of the Big Four banks were higher, with ANZ and CBA both up 1.1 per cent, Westpac climbing 0.9 per cent, and NAB climbing 1.4 per cent.

In the heavyweight mining sector, BHP was up 0.8 per cent, Fortescue had added 1.1 per cent and Rio Tinto had gained 0.3 per cent.

The Australian dollar was buying 67.24 US cents, from 67.06 US cents at Monday’s ASX close.

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