The Market Wrap with Adam Dawes, Senior Investment Adviser, Shaw and Partners

Money News

The Chinese stimulus was welcomed by the market, but is it enough to lift the Asian superpower out of its ongoing slump?

MARKET WRAP:

• ASX200: up 0.47%, 8,252
• GOLD: $2,677 US/oz
• BITCOIN: $94,864 AUD

• The sectors were mixed, but it was the Materials sector that was the standout, up 1.3%.
• The iron ore price again lifted, back up to around $108 US dollars a tonne in Singapore Futures trading.
• That helped the local miners, with BHP up 0.9%, Fortescue up 2.8% and Rio Tinto up 1.2%.
• It was also a good day for Health Care stocks, with gains for CSL, Resmed and Telix Pharmaceuticals.
• A $45 million offer for human resources company Xref by jobs platform Seek helped Seek’s shares up by 1% to $25.24.
• And the banks were strong, with the Big Four and Macquarie all finishing green.
• It wasn’t such a good day for newly demerged Web Travel Group, which fell more than 35% to $4.53.
• While there were falls across the tech companies, with Wisetech Global, NEXT DC and Technology One all down.

CURRENCY UPDATE:

• AUD/USD: 67.35 US cents
• AUD/GBP: 51.5 pence
• AUD/EUR: 61 Euro cents
• AUD/JPY: 100 Japanese yen
• AUD/NZD: 1.10 NZ dollars

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