AU Evening Wrap: Australia Shares Rise 0.7% on Broad-Based Gains
Market Performance
The $S&P/ASX 200(.XJO.AU$ closed 0.7% higher at 7,821.8 on Thursday, driven by broad-based gains across the index. The benchmark remained in positive territory throughout the day, following Canada's central bank's decision to cut interest rates, which raised hopes of looser monetary policy in other countries. Soft domestic economic growth data released on Wednesday had already eased concerns about possible rate hikes in Australia.
Tech and financial stocks led the gains, in line with positive momentum in US equities. Software providers $WiseTech Global Ltd(WTC.AU$ and $Xero Ltd(XRO.AU$ rose by 2.8% and 1.8%, respectively.
Banks such as $National Australia Bank Ltd(NAB.AU$, $Westpac Banking Corp(WBC.AU$, $ANZ Group Holdings Ltd(ANZ.AU$, $Macquarie Technology Group Ltd(MAQ.AU$, and $CommBank(CBA.AU$ gained between 0.6% and 1.1%. Commonwealth achieved a record closing price and has gained 4.4% so far this week, posting its most significant weekly gain since October 2022.
Top News
Australia's Trade Surplus Exceeds Expectations in April Amid Declining Imports
Australia's trade surplus expanded more than anticipated in April, driven by a significant decline in imports that outweighed a drop in key commodity exports. The trade surplus reached A$6.55 billion ($4.34 billion), according to data released by the Australian Bureau of Statistics on Thursday. This figure surpassed the expected surplus of A$5.37 billion and the previous month's revised balance of A$4.84 billion.
Telix Pharmaceuticals Launches $200 Million US IPO
$Telix Pharmaceuticals Ltd(TLX.AU$ has initiated its $200 million initial public offering on the Nasdaq, as per a Thursday filing with the Australian Stock Exchange. The company plans to provide underwriters with a 30-day over-allotment option, allowing them to purchase up to an additional 15% of the American Depositary Shares sold in the offering, according to the filing.
Source: Dow Jones Newswires, AFR, ASX
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