The ASX opened on a strong lead from Wall Street this morning and maintained its gains throughout the day to finish 0.95% higher.
With the Nasdaq jumping more than 2% — led by Nvidia which hit an all-time high — local Tech stocks rallied by a similar amount with Wisetech Global NextDC and Xero Ltd each up around 2%.
The big 4 banks were strong, led by NAB, up 1.31%. As for the big miners, BHP (ASX:BHP) gained 0.62%, Rio Tinto (ASX:RIO) was up 0.19% and Fortescue (ASX:FMG) rallied 0.9%. Lithium and gold explorers were also in demand with Pilbara Minerals Ltd (ASX:PLS) up 1.84% and West African Resources 1.62% higher.
All GICS sectors ended higher with the exception of Energy, which was hit by a fall in the oil price — a reaction to production price cuts by leading exporter Saudi Arabia.
Retail sales better than expected
Australian retail trade surged by 2% in November, in seasonally adjusted terms, beating market expectations of 1.2%.
This marked the best monthly sales result since pandemic restrictions were lifted in 2021, with record retail spending of $38.6 billion, largely attributed to the Black Friday and Cyber Monday sales events.
However, analysts suspect this was a one-off with the unexpected increase linked to consumers buying early in the lead-up to Christmas, with a reversal of figures likely in the December report.
In its quest to curb inflation and stabilise the economy, the RBA is keenly monitoring any indications of a slowdown. The central bank maintained the cash rate at 4.35% last month and may look past the distorted higher-than-expected retail sales figures in its economic analysis.
Bond markets, which are fully priced for an interest rate cut in August, were unaffected by the surprise retail figures Nomura rate strategist Andrew Ticehurst said, “Markets appreciate that the November data was boosted by Black Friday-Cyber Monday sales so they took the strong print with a grain of salt.”
In other ABS data released today, building approvals also defied expectations, driven by an increase in new apartment approvals, rising by 1.6% in November to beat the anticipated 2% decline. This follows a notable 7.2% surge in October. New apartment approvals drove the increase.
The unexpected trends in retail and construction sectors for November warrant careful observation in the coming months as they may have implications for the broader economic landscape.
Five at Five
Krakatoa Resources resumes drilling in lithium quest at King Tamba
Krakatoa Resources Ltd (ASX:KTA) has resumed its 6,000-metre Phase 2 pegmatite exploration drilling program at the King Tamba ex-tantalum mine in the Murchison Province of Western Australia.
Read more
Prescient Therapeutics secures speculative buy recommendation from Bioshares
Bioshares has a Speculative Buy Class B recommendation for Prescient Therapeutics Ltd (ASX:PTX, OTC:PSTTF) after the company released positive trial results from its Phase Ib study in patients with T-cell lymphomas.
Read more
Novo Resources to drill deeper in 2024 after banner year of joint ventures, discoveries
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) is stepping into 2024 with its foot on the gas pedal, building on a successful 2023 marked by key discoveries, joint ventures (JV) and a solid ASX debut.
Read more
Empire Energy has role to play in feeding East Coast gas hunger
Ambitious junior Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) is making considerable and impressive progress in the Beetaloo Basin, taking strides toward kicking off gas sales in early 2025.
Read more
Rumble Resources completes metallurgical diamond drilling at Earaheedy
Rumble Resources Ltd (ASX:RTR, OTC:RTRFF) has completed a significant diamond drilling campaign at the emerging world-class Earaheedy zinc-lead-silver project in Western Australia, aimed at supplying core for essential metallurgical beneficiation trials later this quarter
Read more
On your six
Biotech 101: The science of life
Using treatments such as stem-cell therapy, immuno-oncology and targeted nuclear medicine, oncology biotechs such as Imugene Ltd (ASX:IMU, OTC:IUGNF), Radiopharm Theranostics Ltd (ASX:RAD, OTC:RDPTF), Race Oncology Ltd (ASX:RAC, OTC:RAONF), Noxopharm Ltd (ASX:NOX, OTC:NOXOF), and Prescient Therapeutics Ltd (ASX:PTX, OTC:PSTTF) are working to bring next-generation cancer treatments to market that could change the face of medicine.
Read more
One to watch
Celsius Resources looks to advance Philippines portfolio
Celsius Resources Ltd (ASX:CLA, AIM:CLA) managing director Peter Hume sits down with Proactive’s Jonathan Jackson to discuss the company’s application for a Declaration of Mining Project Feasibility (DMPF) to the Philippine Mines and Geosciences Bureau for its Sagay Copper-Gold Project on Negros Island.
Watch more