Enter your details to join our mobile app waitlist and receive early access to the Bell Direct App.
Yesterday, the Aussie share market pushed 0.3% higher, supported by both the consumer discretionary and energy sectors. All eyes were on China, as we found out that China’s economy grew 4% in the fourth quarter from a year earlier, faster than expected but its weakest expansion in one and a half years.
The consumer discretionary sector advanced the most, led by Wesfarmer’s gain following its trading update before the market opened. The group’s performance for the half was supported by pleasing results in Bunnings and Wesfarmers Chemicals, Energy & Fertilisers, while results in Kmart Group and Officeworks were impacted by COVID-related disruptions and costs. The worst performing sector was the materials sector, and we saw mining giants BHP Group (ASX:BHP) and Rio Tinto (ASX:RIO) come under pressure, down 1.14% and 0.52% respectively.
Looking at the ASX200 stock leaderboard, two of Australia’s best-known fund managers were among the day’s top performers, Pendal Group (ASX:PDL) and Magellan Financial Group (ASX:MFG). Pendal Group led the way, up 7.8% following a statement that its chairman, James Evans would step down. Remember however, that last Friday Pendal fell 15.8% after a dip in funds under management. The second-best performer was Adbri (ASX:ABC), up 7.2% after announcing an extension of its lime supply contract with Alcoa. Meanwhile, Perseus Mining (ASX:PRU), Paladin Energy (ASX:PDN) and Liontown Resources (ASX:LTR) were down the most.
The most traded stocks by Bell Direct clients yesterday included Liontown Resources (ASX:LTR), Telstra (ASX:TLS) and BrainChip (ASX:BRN). Beach Energy (ASX:BPT) lifted 3.9%, trading at levels not seen since October last year, supported by the oil price surging higher recently.
The US market was closed on Monday for the Martin Luther King Junior holiday. In Europe, stocks closed higher on Monday as investors digested a string of corporate news and the latest growth data out of China. Credit Suisse was involved in a scandal whereby its chairman resigned after breaking COVID quarantine rules. Overall, we saw the German DAX close 0.32% higher, the FTSE up 0.91% and the STOXX600 rise 0.7%.
For today, in line with the positive session across the sea in Europe, the futures are suggesting the Aussie share market will open 0.30% higher.
What to watch today: