Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Healthcare, trade hopes pull Australian stocks higher, NZ rises

Published 11/11/2019, 12:25 pm
Updated 11/11/2019, 12:29 pm
© Reuters.  Healthcare, trade hopes pull Australian stocks higher, NZ rises

* Healthcare stocks at record high

* ANZ falls after trading ex-div

* Miners dip on weak iron ore prices

By Shriya Ramakrishnan

Nov 11 (Reuters) - Australian stocks tracked regional gains on Monday on optimism about U.S.-China trade talks progress, while domestic focus centred on healthcare after a reported broker upgrade on heavyweight CSL lifted the broader sector to record highs.

The S&P/ASX 200 index .AXJO rose 0.4% to 6,751.3 by 0030 GMT. The benchmark ended marginally lower on Friday.

Wall Street's major indexes posted record closing highs on Friday, as investors largely brushed aside worries about U.S.-China negotiations. .N

"At the moment, markets want to believe in Father Christmas, the Tooth Fairy and the Easter Bunny," Damian Rooney, director of equity sales at Argonaut, said.

Trump said on Saturday that trade talks with China were moving along "very nicely" but the United States would only make a deal with Beijing if it was the right one for the United States. issue is that I'd love to see real detail on what these talks are, before I rush to buy things," Rooney added.

In Australia, healthcare stocks .AXHJ surged as much as 2.1%, and were the biggest boost to the benchmark index.

Shares of CSL Ltd CSL.AX , one of the largest firms by market valuation, soared 2.2% to a record-high after UBS upgraded the drugmkaer to "buy", local media reported, while local shares of Resmed Inc RMD.AX advanced 1.7%. stocks .AXFJ , the benchmark's largest component, were on track for a third straight day of gains. Commonwealth Bank of Australia CBA.AX , which is due to report first-quarter results on Tuesday, advanced 0.9% while National Australia Bank NAB.AX strengthened 1.1%.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Meanwhile, shares of Australia and New Zealand Banking Group ANZ.AX slipped as much as 3.1% to a seven-month low, after the country's fourth-largest lender traded ex-dividend.

Bucking the trend, the metals and mining index .AXMM dropped 0.7%, as iron ore futures touched a three-week low on Friday on prospects of tepid steel demand. IRONORE/

Global miner Rio Tinto (LON:RIO) RIO.AX fell 1.7%, while Fortescue Metals Group FMG.AX , the world's fourth largest iron ore miner, shed 3.7%.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.2% or 25.8 points to 10,902.78.

Sky Network Television SKT.NZ rose 3.3% as the company secured broadcasting rights for 2022 and 2026 Commonwealth Games, while Ryman Healthcare RYM.NZ gained 2.2%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.