Record gains for the ASX200 have marked the last day of trading before the Easter mini-break.
By 2pm, the ASX 200 index was on track to set a new closing record and was up 0.9% to 7,887 points after hitting its best-ever intraday peak of 7,901.20 during the session.
At the close of business, the index finished 0.96% higher at 7,894.90 points. Over the last five days, the index has gained 1.45% and is currently 0.08% off its 52-week high.
The top-performing stocks in this index were Arcadium Lithium PLC and Strike Energy, up 8.15% and 7.29% respectively.
Looking at the sectors, Materials gained 1.91% followed by Real Estate with a 1.61% gain. None of the sectors finished in the red.
The best-performing sectors for the week were Healthcare, Consumer Staples and Rael Estate, while the worst-performing were Information Technology down 0.82% followed by Consumer Discretionary and Financials.
Best-performing stocks in the ASX top 100 were Ansell, up over 5%, followed by AMP, up almost 5% and Brambles (ASX:BXB), up more than 5%. The worst-performing stocks were IDP Education and Washington H. Soul Pattinson, down 2.48% and 4.16%, followed by ALS Limited, which was down just over 2%.
What's next for Australian market?
Wealth Within chief analyst Dale Gillham gives his take on what to expect from the local market in the weeks ahead.
“This week the buyers have continued to support the Australian stock market as they pushed prices higher resulting in the All Ordinaries Index rising around 0.5% so far.
"If buyers can keep control this week, then I anticipate the all-time high will be the next level they break on the way to a solid finish for March. Should the buyers take out the all-time high, then my target is that it will rise to 8,200 to 8,400 points before seeing any possible resistance.
“Please keep in mind that this week is a short week with Easter, so no trading will occur on Friday or next Monday. Typically, Easter is a quiet time on the All Ordinaries Index, therefore, don’t be surprised if the market finishes flat for the week, as many investors are preparing to make the most of the long weekend.
“That said, I expect the market to heat up again in April with a lot of volatility, which we all need to be prepared for. I’m also preparing my clients for where I see the market heading in the short, medium and long term and, more importantly, when the next crash is expected to happen.
“Right now, I believe the next few years will be the time when fortunes are made and lost. What you experience will depend on the decisions you make, which is why now is a perfect time to learn how to trade with more certainty than over 95% of all traders to ensure you make the right decisions.”
Flat retail
High borrowing costs are the reason Australian households are spending less.
Speaking about the February retail sales data, Shannon Nicoll, associate economist at Moody’s Analytics, said “Headline Aussie retail trade has seemingly settled from its mood swings over the holiday period.
"As a reminder, a stronger January print came after changing spending patterns delivered a much weaker December; shoppers looking for Christmas gifts and provisions brought forward much of their spending in November.
“Shoppers, seemingly struck with a passion for fashion, sent this category clock its biggest increase in 13 months. Overall, notable sales growth across clothing and department stores largely netted out retreats elsewhere to produce a meagre increase in the top-line figure.
“Looking at trend data, spending is almost standing still. High borrowing costs are keeping Aussie households from spending with any exuberance. We expect borrowers will get some relief in September. Inflation is within spitting distance of the Reserve Bank of Australia’s 2% to 3% target range; headline inflation has been at 3.4% year on year in the last three prints.
"That said, monetary policy operates with a lag, even on the way down. That means we likely won’t see strong retail spending until the end of 2024.”
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