AU Morning Wrap: ASX Hits 10-month High; KMD Tumbles 10%
G'day, mooers! Check out the latest news on today's stock market!
• Tuesday's advance powered the Dow to its fifth straight record
• ASX hits 10-month high
• Stocks to watch: KMD Brands, PEXA, Transurban
- Moomoo News AU
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Wall Street Summary
Growing optimism about the U.S. economy continued propelling the stock and bond markets Tuesday, pushing the Dow Jones Industrial Average to its fifth record in as many days.
All three major indexes started the session in the green and didn't look back. Led by Walgreens Boots Alliance and Caterpillar, the $Dow Jones Industrial Average (.DJI.US)$ rose 0.7 per cent, or 252 points. The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ also edged 0.7 per cent higher, while the $S&P 500 Index (.SPX.US)$ rose 0.6 per cent.
The $A also rallied to a five-month top of US67.74¢ as rate cut expectations weighed against its US counterpart.
AU Market Watch
The Australian sharemarket is inching closer to a record high, tracking Wall Street's rally as investors further position for the US Federal Reserve to start cutting interest rates next year.
The $S&P/ASX 200 (.XJO.AU)$ rose 0.5 per cent, or 36.6 points to 7525.7 at the opening bell, with all the sectors in the green. The All Ordinaries increased 0.5 per cent.
Stocks to Watch
$KMD Brands Ltd (KMD.AU)$: KMD Brands, which owns the Kathmandu outdoor clothing brand, dropped over 9 per cent after it said sales have fallen 12.5 per cent below last year in its latest trading update. The said there was "ongoing weakness in consumer sentiment."
$Orica Ltd (ORI.AU)$: Explosives manufacturer Orica rose 0.7 per cent after it said it was going to acquire Terra, a Canadian sensors and data delivery company for $C505 million ($559.9 million.) Orica said it entered into a binding sale and purchase agreement with Vance Street Capital LLC to buy Terra on a cash free, debt free enterprise value basis.
$PEXA Group Ltd (PXA.AU)$: Electronic conveyancing platform PEXA declined 8.2 per cent following an update on its acquisition of UK business Smoove.
$Transurban Group (TCL.AU)$: In other company news, Transurban has appointed former National Australia Bank chief financial officer Gary Lennon to its board. The toll roads operator said Lennon will start in his position as a non-executive director from March 18.
Source: Dow Jones Newswires, AFR
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