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.
Source Tradingview. The figures stated are as of Mar 29, 2022. Past performance is not a reliable indicator of future performance. This report does not contain and is not to be taken as containing any financial product advice or financial product recommendation
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