Good news for the S&P/ASX200 today, which had gained 35 points or 0.48% to 7,318.80 just after lunch, setting a new 20-day high.
One of the top-performing stocks was Imugene Ltd (ASX:IMU, OTC:IUGNF), up 7.53%.
Over the last five days, the index has gained 2.57% and is 3.29% off its 52-week high.
Energy was outpacing other sectors after lunch today, up 1.84%, with Financials (1.45%), Information Technology (1.08%) and Real Estate (1.06%) just behind.
All other sectors were more or less even, except for Materials, down 0.66%.
eToro market analyst Josh Gilbert had this to say about market movements overnight:
"US stocks continued their impressive rally overnight, with interest rate-sensitive sectors such as financials and real estate helping gains. This was thanks to the boost of confidence among investors, spurred by the belief that a 25bps hike from the Fed next week might be its last for the year.
"Positivity from US banks may help lift the local market today, with the heavily weighted financial sector still one of the worst-performing sectors on the ASX200 this year.
“Earnings season is key to the continuation of the US’ juggernaut rally, with two big earnings reports from Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) reporting tomorrow morning.
"The focus for Netflix will be on how subscriber numbers fair after recent password crackdowns and new ad tier rollouts.
"Whereas for Tesla, all eyes are on margins. Earnings and revenue expectations are unlikely to be the worry but investors will want to understand the impact of price cuts to automotive gross margins and what the future holds for both Tesla and the sector overall.
“Rio Tinto (ASX:RIO) investors will welcome the news of solid iron ore shipments this morning, with the mining giant reporting shipments in the ‘upper half’ of its guidance at 79.1 million tonnes. Over the last six months, iron ore shipments were up 7% thanks to a solid start to the year, which should set the tone for its half-yearly results next week.
"That said, investors are bracing for results that won’t match the record-breaking outcomes we’ve seen in previous years. Many will expect a comparatively stronger outlook for the full year – however, direct support for the property market in China would be vital for this to come to fruition."
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Gold Hydrogen’s Alexander Downer says Ramsay project potential is huge for Australia
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